How do Closing Costs Work?
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Certain standard costs are associated with closing the sale of a home. Sellers and buyers almost always split these costs, as the sales contract specifies.
Many of the costs associated with buying residential real estate are associated with getting a mortgage. At Mortgage Max Corporation d/b/a Chicagoland Home Mortgage Services, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related costs in your "Good Faith Estimate".
The Good Faith Estimate (GFE)
Buyers will get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the Good Faith Estimate are estimated based on Mortgage Max Corporation d/b/a Chicagoland Home Mortgage Services's experience with mortgage loans, but costs often change a little bit between the Good Faith Estimate (GFE) and closing. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that can vary a little bit at the closing table.
We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, very soon after you complete your application. At Mortgage Max Corporation d/b/a Chicagoland Home Mortgage Services, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Getting YourCredit Report
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance
Mortgage Max Corporation d/b/a Chicagoland Home Mortgage Services can help you understand closing costs. Call us at 773-557-1000.