How do Closing Costs Work?
"Closing Costs" are the fees which pay for the various services involved when you sell or buy a house. Buyers & sellers negotiate the payment of these closing costs.
As you'll see below, many of the buyer's costs cover the costs of originating the loan. At C2 Financial Corporation, we are highly experienced in mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".
The Good Faith Estimate (Also know as the GFE)
Buyers will get 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 GFE are estimated based on our experience with mortgage loans, but costs usually change by small amounts between the GFE and closing. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that can change slightly at closing.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, very soon after you complete your application. At C2 Financial Corporation, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Costs associated with "originating" your loan
- Points — lower your interest rate (optional)
- Appraisal Costs
- Pulling Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Transfer Taxes & Recording Fees
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
C2 Financial Corporation can answer questions about these closing costs. Give us a call: (727) 478-2797.
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