What are Closing Costs?
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"Closing Costs" are the fees which cover various services involved when you sell or buy residential real estate. Buyers & sellers often negotiate these closing costs.
As indicated below, many of the closing costs result from getting your loan. At PLN Associates, Inc, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Good Faith Estimate".
The Good Faith Estimate (GFE)
Soon after you apply for a loan, we'll provide you with a "Good Faith Estimate" of your closing costs. The closing costs specified in the GFE are estimated based on PLN Associates, Inc's experience with mortgage loans, but costs usually vary by small amounts between the Good Faith Estimate (GFE) and closing. We answer buyers' questions about closing costs every day at PLN Associates, Inc, so please feel free to contact us if we can help answer your questions.
Below is a fairly generic list of closing costs. We will always provide you with a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Costs associated with "originating" your loan
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance
PLN Associates, Inc can answer questions about these closing costs. Call us at 425-452-5345.