How do Closing Costs Work?
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Certain standard costs are associated with closing the sale of a home. Sellers and buyers usually share these closing costs, as specified in the sales contract.
As the list below indicates, many of the closing costs result from getting your mortgage. Since Goodrich Mortgage Group is highly experienced with closings & mortgages, we often explain the details of closing costs.
Good Faith Estimate (Also know as the GFE)
Very shortly after you submit your application, we'll provide you with a "Good Faith Estimate" of your costs. The closing costs spelled out in the GFE are estimated based on our experience with mortgage loans, but costs usually vary a little bit between the GFE and closing. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that sometimes change slightly at the closing table.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, soon after you have completed your loan application. At Goodrich Mortgage Group, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing CostsLoan-Related Costs
- Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Loan Origination Fee
- Points — lower your mortgage interest rate (optional)
- Appraisal Fee
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance if applicable
At Goodrich Mortgage Group, we answer questions about closing costs every day. Call us at 208-941-3337.