What are Closing Costs?
"Closing Costs" are the fees which pay for the various services involved in the sale of residential real estate. Sellers & buyers almost always negotiate to decide how to split these closing costs.
Many of the costs associated with buying residential real estate are associated with getting the loan. At Trustin Mortgage, LLC, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimate (Also know as the GFE)
Very soon after you apply for a loan, we will provide you with a "Good Faith Estimate" of your costs. The closing cost estimate comes out of the loan officer's past experience. Please note that while our GFEs are very precise, we can't always estimate your closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that sometimes change slightly at the closing table.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At Trustin Mortgage, LLC, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
- Recording Fees & Transfer Taxes
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Trustin Mortgage, LLC can answer questions about these closing costs. Call us: (302) 765-8089.
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