About Closing Costs
"Closing Costs" are the fees which pay for the various services involved in the sale of a home. Buyers & sellers usually negotiate the payment of these closing costs.
Many of the costs associated with buying residential real estate are associated with getting the mortgage. At AA Mortgage, we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Good Faith Estimate".
The Good Faith Estimate (Also know as the GFE)
Soon after you apply for a loan, we'll give you a "Good Faith Estimate" of your costs. This cost estimate is based on the loan officer's past experience. Please note that while our GFEs are very precise, we cannot always estimate costs to the penny. We field buyers' questions about closing costs every day at AA Mortgage, so please be sure to contact us if we can help answer your questions.
Below you'll find a generic list of costs for buying a home. We will provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing CostsLoan-Related Costs
- Credit Report
- Interest Payment
- Escrow Account
- Loan-related costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance if applicable