Don't Forget Closing Costs

There are certain standard costs related to closing the sale of a house. Sellers and buyers usually split these costs, as specified in the real estate sales contract.

As the list below indicates, many of the closing costs result from getting your mortgage loan. Since Channel Mortgage LLC has extensive experience with mortgages and closings, we often explain the details of closing costs.

The 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 is based on our past experience. It's important to note that while our GFEs are very accurate, we cannot always estimate your costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that can change slightly at closing.

Below you'll find a fairly generic list of costs for buying a home. We will always provide you with a specific list of your closing costs when we deliver your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Taxes
  • Loan-related costs
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Up-front Interest Payment
  • Escrow Account
Property Taxes
  • Recording Fees & Transfer Taxes
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood / Earthquake Insurance
  • Private Mortgage Insurance (PMI)

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

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