Your Closing Costs
Certain standard costs are associated with closing the sale of a home. Buyers and sellers almost always split these closing costs, as specified in the sales contract.
As indicated below, many of the costs result from getting your mortgage. At The Lending Source, we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Soon after you submit your application, we will provide you with a "Good Faith Estimate" of your closing costs. We base this cost estimate on our many years of past experience. Please note that while our GFEs are very accurate, we can't always predict closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that sometimes change slightly at closing.
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 have completed your application. At The Lending Source, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Appraisal Costs
- Pulling Your Credit Report
- Up-front Interest Payment
- Escrow Account
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood or Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
At The Lending Source, we answer questions about closing costs every day. Call us at (973) 601-2122.