What are Closing Costs?
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"Closing Costs" are the fees that cover various services involved in the sale of a house. Buyers & sellers often negotiate to determine who will pay different portions of these closing costs.
As indicated below, many of the buyer's costs are related to the costs of originating the loan. At Ace One Mortgage LLC, we are highly experienced in mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Good Faith Estimate".
The Good Faith Estimate (Also know as the GFE)
Buyers 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 our experience with mortgage loans, but costs usually change a little bit between the Good Faith Estimate (GFE) and closing. We handle buyers' questions about these costs every day at Ace One Mortgage LLC, so please be sure to contact us if you have questions.
Below you'll find a general list of closing costs. We will provide a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing CostsLoan-Related Costs
- Escrow Account
- Costs related to "originating" your loan
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Pulling Your Credit Report
- Up-front Interest Payment
- Transfer Taxes and Recording Fees
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
At Ace One Mortgage LLC, we answer questions about closing costs every day. Call us: 866-313-0412.