How do Closing Costs Work?

Every home sale incurs costs. Sellers and buyers usually share these closing costs, as specified in the sales contract.

Many of the costs associated with buying a house are associated with getting the loan. Since Price Mortgage Group LLC has extensive experience with closings and mortgages, we are closing cost experts.

Good Faith Estimate (Also know as the GFE)

Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs usually change a little bit between delivery of the Good Faith Estimate (GFE) and closing. We handle buyers' questions about closing costs every day at Price Mortgage Group LLC, so please be sure to ask if we can help answer your questions.

Below you'll find a fairly generic list of costs for buying a home. We will always provide a specific list of your closing costs when we provide your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Points — lower your interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Up-front Interest Payment
  • Escrow Account
  • Various Taxes
  • Loan Origination Fee
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Flood / Quake Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance

Price Mortgage Group LLC can help you understand closing costs. Give us a call: 405-513-7700.

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