Don't Forget Closing Costs

There are certain standard costs related to closing the sale of a home. Sellers and buyers customarily split these closing costs, as the real estate sales contract specifies.

Many of the closing costs associated with buying residential real estate are associated with getting the loan. Since 1st Credential Mortgage Inc has extensive experience with closings and mortgages, we are closing cost experts.

Good Faith Estimates (GFEs)

Buyers will get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the GFE are estimated based on our experience with mortgage loans, but costs often change a little bit between delivery of the GFE and closing. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that sometimes change slightly at the closing table.

Below you'll find a fairly generic list of closing costs. We will always provide a specific list of your closing costs when we provide your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Appraisal Fee
  • Credit Report
  • Interest Payment
  • Escrow Account
  • Various Taxes
  • Loan-related costs
  • Points — These are costs you pay up-front to lower your interest rate (optional)
Property Taxes
  • Insurance
  • Transfer Taxes & Recording Fees
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Earthquake Insurance

1st Credential Mortgage Inc can help you understand closing costs. Call us: (281) 778-0805.

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