About Closing Costs
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"Closing Costs" are the fees which cover various services involved in the sale of a home. Sellers and buyers often negotiate these closing costs.
Many of the costs associated with buying a home are associated with getting a loan. Since Amcap Mortgage Ltd has extensive experience with mortgages and closings, we can help you understand your closing costs.
Good Faith Estimates (GFEs)
Very soon after you submit your application, we'll provide you with the "Good Faith Estimate" of your costs. The closing costs spelled out in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs often change by small amounts between the GFE and closing. We go over GFEs with buyers every day, so we will be happy to answer the you have about closing costs.
Below is a fairly general list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Costs associated with "originating" your loan
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
At Amcap Mortgage Ltd, we answer questions about closing costs every day. Give us a call at 8329162260.