About Closing Costs
"Closing Costs" are the fees that cover various services involved when you sell or buy a home. Sellers and buyers often negotiate these closing costs.
As indicated below, many of the buyer's closing costs are related to the costs of originating the loan. At The Rate Kings Mortgage LLC, we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".
The 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. We base this cost estimate on our many years of past experience. Please note that while our GFEs are very precise, we cannot always predict costs to the penny. We answer questions about these costs every day at The Rate Kings Mortgage LLC, so don't hesitate to ask if we can help answer your questions.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, soon after you complete your application. At The Rate Kings Mortgage LLC, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Costs associated with "originating" your loan
- Points — lower your mortgage interest rate (optional)
- Appraisal Fee
- Recording Fees & Transfer Taxes
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance