What are Closing Costs?
"Closing Costs" are the fees which cover the various services involved when you sell or buy a house. Buyers & sellers almost always negotiate to decide how to split these costs.
As the list below indicates, many of the costs result from getting your mortgage. At Acceptance Capital Mortgage Corporation, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Very soon after you apply for a loan, we'll give you the "Good Faith Estimate" of your costs. This cost estimate is based on our past experience. Please note that while our GFEs are very accurate, we can't always predict your costs to the penny. We field buyers' questions about these costs every day at Acceptance Capital Mortgage Corporation, so please be sure to contact us if you have questions.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At Acceptance Capital Mortgage Corporation, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Costs related to "originating" your loan
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Obtaining Your Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Transfer Taxes & Recording Fees
- Title Insurance
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
Acceptance Capital Mortgage Corporation can answer questions about these closing costs. Call us at (337) 453-0012.