There are certain standard costs related to closing the sale of a house. Buyers and sellers customarily split these closing costs, as specified in the real estate sales contract.
Many of the costs associated with buying a home are associated with getting the loan. Since AmeriBest Mortgage has extensive experience with mortgages and closings, we are closing cost experts.
Soon after you apply for a loan, we'll give you a "Good Faith Estimate" of your closing costs. We base this closing cost estimate on our extensive past experience. It's important to note that while our GFEs are very accurate, we cannot always estimate closing costs to the penny. We explain Good Faith Estimates with buyers every day, so we will be happy to answer your questions about closing costs.
Below you'll find a fairly generic list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we give you a Good Faith Estimate.
Standard Closing Costs
Escrow Account TaxesLoan Origination Fee Points — A fee paid to lower your interest rate (optional) Appraisal Fee Pulling Your Credit Report Up-front Interest Payment
InsuranceRecording Fees and Transfer Taxes
Private Mortgage Insurance (PMI) Title Insurance Flood / Quake Insurance if applicable
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