What are Closing Costs?

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"Closing Costs" are the fees that pay for the various services involved in the sale of residential real estate. Sellers & buyers usually negotiate these costs.

As you'll see below, many of the buyer's closing costs cover the costs of getting the mortgage loan. At Commonwealth Mortgage & Investments, Inc., we are highly experienced in mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Good Faith Estimate".

Good Faith Estimates (GFEs)

Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the Good Faith Estimate are estimated based on Commonwealth Mortgage & Investments, Inc.'s experience with mortgage loans, but costs often change by small amounts between the Good Faith Estimate (GFE) and closing. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that sometimes vary a little bit at closing.

We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, soon after you have completed your application. At Commonwealth Mortgage & Investments, 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

• Loan Origination Fee
• Points — A fee paid to lower your mortgage interest rate (optional)
• Appraisal Costs
• Credit Report
• Up-front Interest Payment
• Escrow Account
• Taxes

Property Taxes

• Transfer Taxes and Recording Fees
• Insurance

Homeowners Insurance

• Private Mortgage Insurance (PMI)
• Title Insurance
• Flood or Quake Insurance if applicable

Commonwealth Mortgage & Investments, Inc. can help you understand closing costs. Give us a call at 8047689519.