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There are certain standard costs associated with closing the sale of a house. Sellers and buyers almost always share these closing costs, as specified in the sales contract.
As indicated below, many of the buyer's closing costs are related to the costs of originating the mortgage loan. Since Lake Area Mortgage has extensive experience with mortgages & closings, we can help you understand your closing costs.
Good Faith Estimates (GFEs)
Soon after you apply for a loan, we'll provide you with a "Good Faith Estimate" of your costs. The closing costs enumerated in the GFE are estimated based on Lake Area Mortgage's experience with mortgage loans, but costs usually change by small amounts between the GFE and closing. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that can vary a little bit at the closing table.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, soon after you have completed your loan application. At Lake Area 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
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Transfer Taxes & Recording Fees
- Flood / Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
Lake Area Mortgage can answer questions about these closing costs. Give us a call at (651) 209-2900.