"Closing Costs" are the fees that cover various services involved in the sale of residential real estate. Sellers and buyers negotiate the payment of these costs.
Many of the closing costs associated with buying a home are associated with getting the mortgage. Since Alliance One Mortgage has extensive experience with closings and mortgages, we often explain the details of closing costs.
Very shortly after you submit your application, we will give you the "Good Faith Estimate" of your closing costs. The closing cost estimate is based on our past experience. Please note that while our GFEs are very accurate, we cannot always predict your costs to the penny. We review GFEs with buyers almost every day, so we will be happy to answer the you have 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 have completed your application. At Alliance One Mortgage, 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 Pulling YourCredit Report Interest Payment Escrow Fees Various TaxesLoan-related costs Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Costs Property Taxes InsuranceRecording Fees & Transfer Taxes Homeowners Insurance Title Insurance Flood or Quake Insurance Private Mortgage Insurance (PMI)
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