What are Closing Costs?
There are certain standard costs associated with closing the sale of a home. Sellers and buyers almost always split these costs, as specified in the real estate sales contract.
As the list below indicates, many of the closing costs result from getting your loan. At Accelerated Lending Source, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Good Faith Estimate".
The Good Faith Estimate (Also know as the GFE)
Buyers will receive a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs usually change a little bit between the GFE and closing. We handle questions about these costs every day at Accelerated Lending Source, so please be sure to contact us if you have questions.
Below you'll find a generic list of closing costs. We will always provide you with a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
Loan-Related Costs
- Up-front Interest Payment
- Escrow Fees
- Taxes
- Costs associated with "originating" your loan
- Points — lower your interest rate (optional)
- Appraisal Costs
- Credit Report
Property Taxes
- Insurance
- Recording Fees and Transfer Taxes
Homeowners Insurance
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
Accelerated Lending Source can answer questions about these closing costs. Give us a call at 303-843-9171 x 14.