About Closing Costs
There are certain standard costs related to closing the sale of a home. Buyers and sellers almost always split these closing costs, as specified in the sales contract.
As you'll see below, many of the buyer's costs cover the costs of originating the loan. At Channel Mortgage LLC, we are highly experienced in mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Good Faith Estimate".
The Good Faith Estimate (GFE)
Soon after you submit your application, we will provide you with the "Good Faith Estimate" of your costs. We base this cost estimate on our many years of past experience. It's important to note that while our GFEs are very precise, we cannot always estimate your closing costs to the penny. We go over GFEs with buyers almost every day, so we will be happy to answer your questions about closing costs.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At Channel Mortgage LLC, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Loan Origination Fee
- Points — lower your interest rate (optional)
- Appraisal Costs
- Getting Your Credit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Transfer Taxes & Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance if applicable
At Channel Mortgage LLC, we answer questions about closing costs every day. Give us a call: (718) 639-9500.