What are Closing Costs?
"Closing Costs" are the fees that pay for the various services involved in the sale of a home. Buyers & sellers usually negotiate the payment of these costs.
As you'll see below, many of the buyer's costs cover the costs of getting the mortgage loan. At Lopez Financial Inc, we have extensive experience in mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. We base this cost estimate on our extensive past experience. It's important to note that while our GFEs are very accurate, we cannot always predict closing costs to the penny. We field questions about closing costs every day at Lopez Financial Inc, so don't hesitate to ask if we can help answer your questions.
Below is a fairly general list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Costs associated with "originating" your loan
- Points — A fee paid to lower your mortgage interest rate (optional)
- Transfer Taxes & Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance
Lopez Financial Inc can answer questions about these closing costs. Give us a call at 626.339.4445.
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