How do Closing Costs Work?

There are certain standard costs related to closing the sale of a home. Sellers and buyers almost always share these costs, as the real estate sales contract specifies.

As you'll see below, many of the buyer's costs cover the costs of originating the mortgage loan. Since C2 Financial Corporation has extensive experience with mortgages & closings, we can help you understand your closing costs.

Good Faith Estimates (GFEs)

Very soon after you submit your application, we'll provide you with a "Good Faith Estimate" of your costs. The closing costs enumerated in the Good Faith Estimate are estimated based on C2 Financial Corporation's experience with mortgage loans, but costs often change a little bit between the Good Faith Estimate (GFE) and closing. We go over GFEs with buyers almost every day, so we will be happy to answer any questions you have about closing costs.

We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you complete your loan 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

Loan-Related Costs
  • Points — These are costs you pay up-front to lower your interest rate (optional)
  • Appraisal Fee
  • Obtaining Your Credit Report
  • Up-front Interest Payment
  • Escrow Account
  • Various Taxes
  • Costs associated with "originating" your loan
Property Taxes
  • Insurance
  • Recording Fees & Transfer Taxes
Homeowners Insurance
  • Title Insurance
  • Flood or Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)

C2 Financial Corporation can answer questions about these closing costs. Call us at (727) 478-2797.

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