"Closing Costs" are the fees that cover the various services involved when you sell or buy residential real estate. Buyers and sellers often negotiate these closing costs.
As indicated below, many of the buyer's closing costs are related to the costs of originating the loan. Since Avalon Mortgage Services, Inc. has extensive experience with closings & mortgages, we are closing cost experts.
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing 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 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.
Below you'll find a fairly general list of closing costs. We will provide you with a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
Various TaxesLoan-related costs Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Fee Pulling Your Credit Report Interest Payment Escrow Account
InsuranceRecording Fees and Transfer Taxes
Flood or Quake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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