About Closing Costs
Looking for mortgage advice? We will be glad to assist you! Give us a call at 440-934-2100. Ready to begin? Apply Now
"Closing Costs" are the fees which cover various services involved when you sell or buy a house. Sellers and buyers almost always negotiate to decide how to split these costs.
Many of the costs associated with buying residential real estate are associated with getting a mortgage. Since Gold Medal Mortgage, Inc. is highly experienced with closings and mortgages, we are closing cost experts.
Good Faith Estimate (Also known as the GFE)
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the Good Faith Estimate are estimated based on Gold Medal Mortgage, Inc.'s experience with mortgage loans, but costs often vary by small amounts between the GFE and closing. We explain Good Faith Estimates with buyers almost every day, so we are happy to answer the you have about closing costs.
Below you'll find a fairly generic list of closing costs. We will provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Various Taxes
- Loan-related costs
- Points — lower your mortgage interest rate (optional)
- Appraisal Costs
- Getting Your Credit Report
- Interest Payment
- Escrow Fees
- Transfer Taxes and Recording Fees
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
At Gold Medal Mortgage, Inc., we answer questions about closing costs every day. Call us at 440-934-2100.