Don't Forget Closing Costs
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Certain standard costs are associated with closing the sale of a home. Buyers and sellers customarily split these costs, as the real estate sales contract specifies.
Many of the closing costs associated with buying residential real estate are associated with getting the mortgage. Since Community Mortgage Corp. is highly experienced with mortgages and closings, we are closing cost experts.
Good Faith Estimate (GFE)
Very shortly after you submit your application, we will provide you with a "Good Faith Estimate" of your costs. We base this closing cost estimate on our extensive past experience. It's important to note that while our GFEs are very accurate, we can't always estimate your closing costs to the penny. We explain Good Faith Estimates with buyers almost every day, so we are happy to answer your questions about closing costs.
Below is a fairly generic list of closing costs. We will always provide you with a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Getting Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Loan-related costs
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance if applicable
At Community Mortgage Corp., we answer questions about closing costs every day. Give us a call at (630) 534-5500.