How do Closing Costs Work?
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There are certain standard costs related to closing the sale of a house. Buyers and sellers almost always share these closing costs, as the sales contract specifies.
Many of the closing costs associated with buying a home are associated with getting a loan. Since AAA Mortgage Solutions, LLC has extensive experience with mortgages & closings, we often explain the details of closing costs.
The Good Faith Estimate (Also know as the GFE)
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The cost estimate is based on our past experience. Please note that while our GFEs are very accurate, we cannot always estimate your closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that can vary a little bit 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 complete your application. At AAA Mortgage Solutions, LLC, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Loan-related costs
- Points — A fee paid to lower your interest rate (optional)
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance
At AAA Mortgage Solutions, LLC, we answer questions about closing costs every day. Call us at 678-494-8250.