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Closing Costs
There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and the seller, as spelled out in the sales contract.
Good Faith Estimate
Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on my past experience and is believed to be as accurate as possible, particularly when there is no specific property chosen.
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Standard Closing Costs
Loan-Related Costs
- Loan Origination Fee (optional)
- Points (optional)
- Appraisal Fee
- Processing Fee
- Lender's Underwriting Fee
- Flood Certification Fee
- Tax Related Service Fee
- Per-diem Interest Payment
- Escrow Account (or escrow waiver fee)
- Property Survey
Taxes
- Property Taxes
- Transfer Taxes and Recording Fees
Insurance
- Homeowners Insurance
- Flood Insurance (if applicable)
- Private Mortgage Insurance (PMI)
- Title Insurance & Related Costs
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