Closing Costs for Residential Real Estate Transactions

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"Closing Costs" are the fees which pay for the various services involved when you sell or buy a house. Sellers & buyers almost always negotiate to decide how to share these costs.

Many of the closing costs associated with buying a home are associated with getting the mortgage. Since Mortgage Makers USA, Inc. is highly experienced with closings & mortgages, we can help you understand your closing costs.

The Good Faith Estimate (GFE)

Very shortly after you apply for a loan, we'll give you the "Good Faith Estimate" of your costs. The closing costs specified in the Good Faith Estimate are estimated based on Mortgage Makers USA, Inc.'s experience with mortgage loans, but costs often vary a little bit between delivery of the GFE and closing. We will be glad to review the "Good Faith Estimate," answering your questions and highlighting costs that sometimes change slightly at closing.

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 have completed your application. At Mortgage Makers USA, Inc., we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs

• Points — A fee paid to lower your mortgage interest rate (optional)
• Appraisal Fee
• Getting Your Credit Report
• Up-front Interest Payment
• Escrow Fees
• Taxes
• Costs associated with "originating" your loan

Property Taxes

• Recording Fees and Transfer Taxes
• Insurance

Homeowners Insurance

• Flood / Earthquake Insurance if applicable
• Private Mortgage Insurance (PMI)
• Title Insurance

Mortgage Makers USA, Inc. can help you understand closing costs. Call us at 561-447-9580.