What are Closing Costs?

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"Closing Costs" are the fees which cover various services involved in the sale of residential real estate. Sellers & buyers often negotiate these costs.

As you'll see below, many of the costs result from getting your loan. Since Myriad Services Home Loans, Inc. is highly experienced with mortgages & closings, we often explain the details of 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. This closing cost estimate comes out of the loan officer's past experience. Please note that while our GFEs are very precise, we can't always predict costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and highlighting costs that sometimes vary a little bit at closing.

We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you have completed your application. At Myriad Services Home Loans, Inc., we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs

• Up-front Interest Payment
• Escrow Account
• Various Taxes
• Costs associated with "originating" your loan
• Points — lower your mortgage interest rate (optional)
• Appraisal Costs
• Obtaining YourCredit Report

Property Taxes

• Insurance
• Recording Fees & Transfer Taxes

Homeowners Insurance

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

Myriad Services Home Loans, Inc. can answer questions about these closing costs. Give us a call at 800-374-0046.