What are Closing Costs?
"Closing Costs" are the fees that pay for the various services involved in the sale of a house. Buyers and sellers often negotiate to decide how to split these costs.
As indicated below, many of the costs result from getting your loan. Since Advantage Funding is highly experienced with closings and mortgages, we are closing cost experts.
Good Faith Estimate (GFE)
Very shortly after you submit your application, we will give you a "Good Faith Estimate" of your closing costs. This closing cost estimate is based on the loan officer's past experience. Please note that while our GFEs are very accurate, we can't always predict your closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that can change slightly at closing.
Below you'll find a fairly general list of closing costs. We will provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Loan Origination Fee
- Points — lower your mortgage interest rate (optional)
- Appraisal Fee
- Pulling Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance
Advantage Funding can help you understand closing costs. Call us: 925-628 6200.