About Closing Costs
"Closing Costs" are the fees that cover various services involved when you sell or buy a home. Sellers & buyers almost always negotiate to decide how to share these closing costs.
Many of the costs associated with buying a house are associated with getting the mortgage loan. At AA Mortgage NMLS 1195940, 1707124, we have extensive experience in mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Soon after you submit your application, we will provide you with the "Good Faith Estimate" of your closing costs. The closing costs spelled out in the GFE are estimated based on our experience with mortgage loans, but costs usually change by small amounts between delivery of the Good Faith Estimate (GFE) and closing. We review Good Faith Estimates with buyers every day, so we'd be glad to answer any questions you have about closing costs.
Below you'll find a general list of costs for buying a home. We will always provide you with a specific list of your closing costs when we give you a Good Faith Estimate.
Standard Closing CostsLoan-Related Costs
- Appraisal Fee
- Getting Your Credit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Loan-related costs
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)