"Closing Costs" are the fees which pay for the various services involved when you sell or buy a house. Buyers and sellers 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 a mortgage. At Mission Home Mortgage, we have extensive experience in mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs in your "Good Faith Estimate".
Buyers will receive a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. This cost estimate comes out of our past experience. It's important to note that while our GFEs are very precise, we cannot always predict costs to the penny. We go over GFEs with buyers almost every day, so we are happy to answer the you have about closing costs.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you have completed your application. At Mission Home Mortgage, 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 TaxesLoan Origination Fee Points — A fee paid to lower your interest rate (optional)
InsuranceRecording Fees and Transfer Taxes
Private Mortgage Insurance (PMI) Title Insurance Flood or Quake Insurance if applicable
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