What are Closing Costs?
"Closing Costs" are the fees that pay for the various services involved in the sale of a house. Sellers and buyers negotiate these costs.
Many of the costs associated with buying a home are associated with getting the mortgage. Since Pacific Loan Brokers is highly experienced with closings and mortgages, we can help you understand your closing costs.
Good Faith Estimates (GFEs)
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 Pacific Loan Brokers's experience with mortgage loans, but costs usually change by small amounts between delivery of the GFE and closing. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that sometimes vary a little bit at closing.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Pacific Loan Brokers, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Various Taxes
- Costs related to "originating" your loan
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance if applicable
Pacific Loan Brokers can answer questions about these closing costs. Call us: 877-310-6200.
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