What are Closing Costs?
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"Closing Costs" are the fees which cover the various services involved when you sell or buy a house. Buyers & sellers negotiate these closing costs.
As indicated below, many of the costs result from getting your mortgage loan. At Allstate Mortgage Company, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of closing costs related to your mortgage in your "Good Faith Estimate".
Loan Estimate (Formerly the Good Faith Estimate)
Soon after you apply for a loan, we will provide you with the "Loan Estimate" of your closing costs. The closing costs spelled out in the LE are estimated based on actual known costs from the lenders and escrow/title companies. Usually there will be only very small differences between the Loan Estimate (LE) and the Closing Disclosure (CD). We will be glad to review the "Loan Estimate," answering questions and highlighting costs that can vary a little bit at closing.
Below is a fairly general list of closing costs. We will provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account
- Loan-related costs
- Verification of Employment
- Recording Fees and Transfer Taxes
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Escrow and Title Fees
- Title Policy (Lenders and Owners)
- Document Preparation
Allstate Mortgage Company can answer questions about these closing costs. Give us a call at (707) 521-3434 ext 323 or (707) 486-8933