About Closing Costs
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"Closing Costs" are the fees that pay for the various services involved when you sell or buy residential real estate. Buyers and sellers almost always negotiate the payment of these costs.
As the list below indicates, many of the closing costs result from getting your loan. Since Keypoint Mortgage is highly experienced with closings & mortgages, we can help you understand your closing costs.
Good Faith Estimate (GFE)
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the Good Faith Estimate are estimated based on Keypoint Mortgage's experience with mortgage loans, but costs usually change by small amounts between delivery of the Good Faith Estimate (GFE) and closing. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that can change slightly at the closing table.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, soon after you have completed your loan application. At Keypoint Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Interest Payment
- Escrow Account
- Loan-related costs
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
- Pulling YourCredit Report
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance if applicable
Keypoint Mortgage can answer questions about these closing costs. Call us at 201-998-9050.
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