"Closing Costs" are the fees that cover the various services involved in the sale of residential real estate. Buyers & sellers almost always negotiate to determine who will pay different portions of these costs.
Many of the closing costs associated with buying a home are associated with getting the loan. At Abbey Mortgage, we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Good Faith Estimate".
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the Good Faith Estimate are estimated based on Abbey Mortgage's experience with mortgage loans, but costs usually vary by small amounts between the GFE and closing. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that sometimes change slightly at the closing table.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you have completed your application. At Abbey Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
Loan-related costs Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Fee Pulling Your Credit Report Interest Payment Escrow Account Taxes
Insurance Transfer Taxes & Recording Fees
Private Mortgage Insurance (PMI) Title Insurance Flood or Earthquake Insurance
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