"Closing Costs" are the fees that pay for various services involved when you sell or buy a house. Buyers and sellers negotiate to decide how to share these closing costs.
Many of the costs associated with buying a house are associated with getting the mortgage loan. At Alternative Mortgage Group, we are highly experienced in mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Good Faith Estimate".
Buyers will get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. We base this cost estimate on our extensive past experience. It's important to note that while our GFEs are very precise, we can't always predict costs to the penny. We review GFEs with buyers almost every day, so we'd be glad to answer your questions about closing costs.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you complete your application. At Alternative Mortgage Group, 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 Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Credit Report Up-front Interest Payment Escrow Account Taxes
InsuranceRecording Fees and Transfer Taxes
Title Insurance Flood / Quake Insurance Private Mortgage Insurance (PMI)
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