About Closing Costs
Every home sale involves fixed costs. Sellers and buyers customarily share these costs, as specified in the real estate sales contract.
As the list below indicates, many of the costs result from getting your mortgage. At America's Money Source, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimate (Also know as the GFE)
Soon after you submit your application, we'll provide you with a "Good Faith Estimate" of your costs. We base this closing cost estimate on our extensive past experience. It's important to note that while our GFEs are very precise, we cannot always predict closing costs to the penny. We go over Good Faith Estimates with buyers almost every day, so we will be happy to answer your questions about closing costs.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you complete your application. At America's Money Source, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Escrow Account
- Loan Origination Fee
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Recording Fees & Transfer Taxes
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
America's Money Source can help you understand closing costs. Call us: (407) 898-7559.
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