Don't Forget Closing Costs
There are certain standard costs associated with closing the sale of a house. Buyers and sellers customarily split these costs, as the real estate sales contract specifies.
As indicated below, many of the buyer's costs are related to the costs of originating the loan. At Abbey Mortgage, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your "Good Faith Estimate".
Good Faith Estimate (GFE)
Very shortly after you apply for a loan, we'll give you a "Good Faith Estimate" of your closing costs. The closing cost estimate comes out of our past experience. Please note that while our GFEs are very accurate, we can't always predict closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and highlighting costs that sometimes vary a little bit at closing.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you complete your loan 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
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Costs associated with "originating" your loan
- Transfer Taxes & Recording Fees
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Abbey Mortgage can answer questions about these closing costs. Give us a call at 352-369-4200.