Your Closing Costs
All residential real estate sales incurs certain fixed costs. Sellers and buyers customarily share these costs, as specified in the sales contract.
Many of the closing costs associated with buying a house are associated with getting the mortgage. At Diamond Mortgage, LLC, we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of closing 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 cost estimate is based on the loan officer's past experience. Please note that while our GFEs are very accurate, we can't always estimate your costs to the penny. We go over GFEs with buyers every day, so we'd be glad to answer your questions about closing costs.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you complete your loan application. At Diamond Mortgage, LLC, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing CostsLoan-Related Costs
- Escrow Account
- Loan-related costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Pulling Your Credit Report
- Up-front Interest Payment
- Transfer Taxes & Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance