Don't Forget Closing Costs
All residential real estate transactions incurs certain fixed costs. Sellers and buyers customarily split these costs, as the sales contract specifies.
As indicated below, many of the buyer's closing costs cover the costs of originating the mortgage loan. At Channel Mortgage LLC, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Very soon after you submit your application, we will provide you with the "Good Faith Estimate" of your closing costs. We base this cost estimate on our extensive past experience. It's important to note that while our GFEs are very accurate, we can't always estimate your costs to the penny. We explain GFEs with buyers almost every day, so we'd be glad to answer your questions about closing costs.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Channel Mortgage LLC, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Points — lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Loan Origination Fee
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance if applicable
Channel Mortgage LLC can answer questions about these closing costs. Call us: (718) 639-9500.