About Closing Costs
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"Closing Costs" are the fees which cover various services involved in the sale of residential real estate. Buyers & sellers negotiate to determine who will pay different portions of these costs.
As you'll see below, many of the buyer's closing costs cover the costs of originating the mortgage loan. At Hanson Planning Group, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your "Good Faith Estimate".
The Good Faith Estimate (Also know as the GFE)
Very soon after you submit your application, we will give you a "Good Faith Estimate" of your costs. 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 estimate closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that sometimes vary a little bit at closing.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, soon after you complete your loan application. At Hanson Planning Group, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Loan Origination Fee
- Points — lower your mortgage interest rate (optional)
- Transfer Taxes and Recording Fees
- Flood or Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
Hanson Planning Group can help you understand closing costs. Call us: (303) 300-8601.