What are Closing Costs?

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All residential real estate transactions incurs costs. Buyers and sellers usually share these closing costs, as the real estate sales contract specifies.

As you'll see below, many of the costs result from getting your mortgage. Since M.P.S. Mortgage Company has extensive experience with mortgages & closings, we are closing cost experts.

Good Faith Estimates (GFEs)

Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. This cost estimate is based on our past experience. Please note that while our GFEs are very precise, we cannot always predict costs to the penny. We handle buyers' questions about these costs every day at M.P.S. Mortgage Company, so don't hesitate to contact us if we can help answer your questions.

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

Loan-Related Costs

• Various Taxes
• Costs related to "originating" your loan
• Points — lower your interest rate (optional)
• Appraisal Fee
• Credit Report
• Up-front Interest Payment
• Escrow Fees

Property Taxes

• Recording Fees & Transfer Taxes
• Insurance

Homeowners Insurance

• Private Mortgage Insurance (PMI)
• Title Insurance
• Flood or Earthquake Insurance if applicable

M.P.S. Mortgage Company can answer questions about these closing costs. Call us at 7045420820.