Don't Forget Closing Costs
"Closing Costs" are the fees which pay for the various services involved when you sell or buy residential real estate. Buyers and sellers often negotiate to decide how to share these costs.
As you'll see below, many of the buyer's closing costs are related to the costs of getting the loan. Since AA Mortgage LLC is highly experienced with closings & mortgages, we often explain the details of closing costs.
Good Faith Estimates (GFEs)
Buyers will get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The cost estimate comes out of the loan officer's past experience. Please note that while our GFEs are very accurate, we can't always predict closing costs to the penny. We field questions about these costs every day at AA Mortgage LLC, so please be sure to ask if we can help answer your questions.
Below is a fairly general list of closing costs. We will provide you with a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing CostsLoan-Related Costs
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Costs related to "originating" your loan
- Points — lower your mortgage interest rate (optional)
- Appraisal Fee
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)