How do Closing Costs Work?

Certain standard costs are associated with closing the sale of a home. Sellers and buyers customarily share these costs, as specified in the real estate sales contract.

Many of the costs associated with buying a home are associated with getting a mortgage. At Sky Apply Mortgage, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Good Faith Estimate".

Good Faith Estimates (GFEs)

Buyers will 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 GFE are estimated based on Sky Apply Mortgage's experience with mortgage loans, but costs often vary a little bit between the GFE and closing. We answer buyers' questions about these costs every day at Sky Apply Mortgage, so don't hesitate to ask if you have questions.

We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, soon after you complete your loan application. At Sky Apply Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Escrow Account
  • Taxes
  • Costs associated with "originating" your loan
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Costs
  • Pulling Your Credit Report
  • Up-front Interest Payment
Property Taxes
  • Recording Fees and Transfer Taxes
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Quake Insurance if applicable

Sky Apply Mortgage can help you understand closing costs. Give us a call: (813) 200-7931.

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