How do Closing Costs Work?
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"Closing Costs" are the fees that pay for various services involved in the sale of residential real estate. Sellers and buyers often negotiate to determine who will pay different portions of these closing costs.
As indicated below, many of the closing costs result from getting your mortgage loan. At Cameron Financial Services, Inc, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Very shortly after you apply for a loan, we'll provide you with a "Good Faith Estimate" of your costs. The closing costs enumerated in the Good Faith Estimate are estimated based on Cameron Financial Services, Inc's experience with mortgage loans, but costs often vary a little bit between delivery of the GFE and closing. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that sometimes change slightly at the closing table.
Below is a fairly general list of costs for buying a home. We will always provide a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing CostsLoan-Related Costs
- Points — lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Fees
- Loan Origination Fee
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance