What are Closing Costs?
"Closing Costs" are the fees that cover various services involved in the sale of a home. Buyers & sellers usually negotiate to decide how to split these costs.
As you'll see below, many of the costs result from getting your mortgage loan. At Alternative Mortgage Group, we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimate (GFE)
Soon after you submit your application, we will provide you with a "Good Faith Estimate" of your closing costs. The closing costs spelled out in the GFE are estimated based on Alternative Mortgage Group's experience with mortgage loans, but costs often change by small amounts between the Good Faith Estimate (GFE) and closing. We handle questions about these costs every day at Alternative Mortgage Group, so please be sure to ask if you have questions.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed 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
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account
- Loan-related costs
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
At Alternative Mortgage Group, we answer questions about closing costs every day. Give us a call at 561-395-4264.