Closing Costs

"Closing Costs" are the fees that pay for the various services involved in the sale of a house. Sellers & buyers often negotiate the payment of these costs.

As indicated below, many of the buyer's closing costs cover the costs of getting the loan. At 1st Credential Mortgage Inc, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related costs in your "Good Faith Estimate".

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 1st Credential Mortgage Inc's experience with mortgage loans, but costs usually change by small amounts between delivery of the Good Faith Estimate (GFE) and closing. We field questions about closing costs every day at 1st Credential Mortgage Inc, so please feel free to contact us if you have questions.

Below is a fairly generic list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we give you a Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Various Taxes
  • Loan Origination Fee
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Getting Your Credit Report
  • Interest Payment
  • Escrow Account
Property Taxes
  • Recording Fees and Transfer Taxes
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Quake Insurance if applicable

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

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question