Don't Forget Closing Costs
"Closing Costs" are the fees that cover various services involved in the sale of residential real estate. Sellers and buyers almost always negotiate to decide how to split these costs.
As indicated below, many of the costs result from getting your mortgage loan. Since Lopez Financial Inc is highly experienced with closings and mortgages, we are closing cost experts.
Good Faith Estimate (Also know as the GFE)
Soon after you apply for a loan, we'll give you a "Good Faith Estimate" of your costs. We base this cost estimate on our many years of past experience. Please note that while our GFEs are very precise, we can't always estimate your costs to the penny. We handle buyers' questions about these costs every day at Lopez Financial Inc, so please feel free to ask if you have questions.
Below is a generic list of costs for buying a home. We will provide you with a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
- Escrow Fees
- Loan-related costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Costs
- Obtaining Your Credit Report
- Interest Payment
- Transfer Taxes & Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance
Lopez Financial Inc can answer questions about these closing costs. Give us a call at 626.339.4445.
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