About Closing Costs
There are certain standard costs related to closing the sale of a home. Buyers and sellers customarily share these costs, as specified in the sales contract.
Many of the costs associated with buying a house are associated with getting the loan. Since Diamond Mortgage, LLC is highly experienced with closings & mortgages, we are closing cost experts.
Good Faith Estimate (Also know as the GFE)
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the Good Faith Estimate are estimated based on Diamond Mortgage, LLC's experience with mortgage loans, but costs usually change by small amounts between delivery of the Good Faith Estimate (GFE) and closing. We handle questions about these costs every day at Diamond Mortgage, LLC, so please be sure to ask if we can help answer your questions.
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 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
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Loan-related costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Transfer Taxes & Recording Fees
- Title Insurance
- Flood or Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)