About Closing Costs

Every home sale incurs costs. Buyers and sellers almost always split these costs, as the sales contract specifies.

Many of the closing costs associated with buying a home are associated with getting the loan. Since 1st Credential Mortgage Inc has extensive experience with closings and mortgages, we can help you understand your closing costs.

Good Faith Estimates (GFEs)

Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the GFE are estimated based on 1st Credential Mortgage Inc's experience with mortgage loans, but costs usually change by small amounts between delivery of the GFE and closing. We handle questions about these costs every day at 1st Credential Mortgage Inc, so please be sure to contact us if we can help answer your questions.

We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, soon after you have completed your application. At 1st Credential Mortgage Inc, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Escrow Fees
  • Various Taxes
  • Loan Origination Fee
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Costs
  • Getting Your Credit Report
  • Up-front Interest Payment
Property Taxes
  • Insurance
  • Recording Fees and Transfer Taxes
Homeowners Insurance
  • Title Insurance
  • Flood or Earthquake Insurance
  • Private Mortgage Insurance (PMI)

1st Credential Mortgage Inc can answer questions about these closing costs. Call us at (281) 778-0805.

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