How do Closing Costs Work?
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"Closing Costs" are the fees which cover various services involved when you sell or buy residential real estate. Buyers and sellers usually negotiate these costs.
Many of the costs associated with buying a home are associated with getting a mortgage. At Rapid Mortgage Solutions, we are highly experienced in mortgage lending, so we can provide you with a comprehensive list of closing costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimate (Also know as the GFE)
Soon after you apply for a loan, we'll give you the "Good Faith Estimate" of your closing costs. This cost estimate comes out of the loan officer's past experience. It's important to note that while our GFEs are very accurate, we can't always estimate your costs to the penny. 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 closing costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed your application. At Rapid Mortgage Solutions, 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
- Obtaining Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Loan-related costs
- Points — lower your mortgage interest rate (optional)
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
At Rapid Mortgage Solutions, we answer questions about closing costs every day. Call us at (727) 527-1454.