Certain standard costs are related to closing the sale of a home. Sellers and buyers customarily share these costs, as the sales contract specifies.
As you'll see below, many of the buyer's closing costs cover the costs of getting the mortgage loan. At FirstTrust Home Loans, we are highly experienced in mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Good Faith Estimate".
The Good Faith Estimate (GFE)
Soon after you submit your application, we'll provide you with a "Good Faith Estimate" of your closing costs. The closing costs enumerated in the GFE are estimated based on First Arkansas Finanical's experience with mortgage loans, but costs usually change a little bit between the GFE and closing. We answer questions about these costs every day at FirstTrust Home Loans, so please feel free to ask if we can help answer your questions.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you complete your loan application. At FirstTrust Home Loans, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Costs associated with "originating" your loan
- Points — lower your mortgage interest rate (optional)
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance