What are Closing Costs?

"Closing Costs" are the fees that pay for the various services involved in the sale of a house. Buyers & sellers negotiate the payment of these costs.

As you'll see below, many of the buyer's closing costs are related to the costs of originating the mortgage loan. At Standard Mortgage, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Good Faith Estimate".

Good Faith Estimates (GFEs)

Soon after you apply for a loan, we will give you a "Good Faith Estimate" of your costs. We base this closing cost estimate on our extensive past experience. Please note that while our GFEs are very precise, we cannot always estimate costs to the penny. We explain Good Faith Estimates with buyers every day, so we'd be glad to answer the you have about closing costs.

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 have completed your application. At Standard 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
  • Up-front Interest Payment
  • Escrow Fees
  • Taxes
  • Loan Origination Fee
  • Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
  • Appraisal Costs
  • Credit Report
Property Taxes
  • Recording Fees & Transfer Taxes
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Quake Insurance

Standard Mortgage can help you understand closing costs. Give us a call at 818-999-6444.

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