Every home sale involves fixed costs. Sellers and buyers customarily share these closing costs, as the sales contract specifies.
Many of the closing costs associated with buying a home are associated with getting the loan. At Abbey Mortgage, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Good Faith Estimate".
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The cost estimate is based on the loan officer's past experience. It's important to 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 change slightly at closing.
Below is a fairly generic list of closing costs. We will provide you with a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
Up-front Interest Payment Escrow Account TaxesCosts related to "originating" your loan Points — lower your interest rate (optional) Appraisal Costs Credit Report
InsuranceRecording Fees & Transfer Taxes
Title Insurance Flood or Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
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