About Closing Costs

"Closing Costs" are the fees that cover the various services involved in the sale of a house. Sellers and buyers often negotiate the payment of these costs.

Many of the closing costs associated with buying residential real estate are associated with getting a loan. At Channel Mortgage LLC, we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Good Faith Estimate".

Good Faith Estimate (GFE)

Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. This cost estimate comes out of our past experience. It's important to note that while our GFEs are very precise, we can't always predict your costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that sometimes vary a little bit at closing.

Below you'll find a general list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we give you a Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Appraisal Costs
  • Obtaining Your Credit Report
  • Up-front Interest Payment
  • Escrow Fees
  • Various Taxes
  • Costs associated with "originating" your loan
  • Points — lower your mortgage interest rate (optional)
Property Taxes
  • Recording Fees & Transfer Taxes
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood / Quake Insurance
  • Private Mortgage Insurance (PMI)

At Channel Mortgage LLC, we answer questions about closing costs every day. Give us a call: (718) 639-9500.

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