About Closing Costs
"Closing Costs" are the fees that pay for various services involved in the sale of residential real estate. Sellers & buyers usually negotiate to decide how to share these closing costs.
As you'll see below, many of the buyer's closing costs are related to the costs of getting the mortgage loan. At Trustin Mortgage Corporation, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Good Faith Estimate".
The Good Faith Estimate (Also know as the GFE)
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs often vary by small amounts between the GFE and closing. We explain Good Faith Estimates with buyers almost every day, so we'd be glad to answer the you have about closing costs.
Below you'll find a fairly generic list of closing costs. We will always provide you with a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Costs associated with "originating" your loan
- Points — A fee paid to lower your interest rate (optional)
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
Trustin Mortgage Corporation can answer questions about these closing costs. Give us a call: (302) 765-8089.
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