Your Closing Costs

"Closing Costs" are the fees that cover the various services involved in the sale of residential real estate. Sellers & buyers almost always negotiate to determine who will pay different portions of these closing costs.

Many of the costs associated with buying a house are associated with getting the loan. At Great Mortgage NMLS#478647, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related costs in your "Good Faith Estimate".

The Good Faith Estimate (Also know as the GFE)

Very shortly after you submit your application, we'll give you the "Good Faith Estimate" of your costs. The closing costs spelled out in the GFE are estimated based on Great Mortgage NMLS#478647's experience with mortgage loans, but costs usually change by small amounts between 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.

We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Great Mortgage NMLS#478647, 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
  • Up-front Interest Payment
  • Escrow Account
  • Various Taxes
  • Loan-related costs
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Credit Report
Property Taxes
  • Insurance
  • Recording Fees & Transfer Taxes
Homeowners Insurance
  • Title Insurance
  • Flood / Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)

At Great Mortgage NMLS#478647, we answer questions about closing costs every day. Give us a call at 708.966.9005.

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