What are Closing Costs?
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Every home sale incurs certain fixed costs. Sellers and buyers usually share these closing costs, as the sales contract specifies.
As you'll see below, many of the closing costs result from getting your loan. Since Fortune Financial Corporation has extensive experience with closings and mortgages, we often explain the details of closing costs.
Loan Estimate (LE) or Good Faith Estimate (GFE)
Very soon after you submit your application, we'll provide you with the "Loan Estimate" or"Good Faith Estimate," depending on your loan program, with your closing costs listed. We base this cost estimate on our extensive past experience. Please note that while our LEs and GFEs are very accurate, we can't always predict your closing costs to the penny. We go over the LEs and GFEs with buyers almost every day, so we will be happy to answer your questions about closing costs.
We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, soon after you complete your application. At Fortune Financial Corporation, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Interest Payment
- Escrow Fees
- Loan Origination Fee
- Points — lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Recording Fees and Transfer Taxes
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Fortune Financial Corporation can help you understand closing costs. Give us a call: 731-925-9959.