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All residential real estate sales incurs costs. Buyers and sellers usually split these closing costs, as specified in the sales contract.
Many of the costs associated with buying a home are associated with getting a loan. Since Primary Residential Mortgage Inc. has extensive experience with mortgages and closings, we are closing cost experts.
Good Faith Estimates (GFEs)
Soon after you apply for a loan, we'll give you a "Good Faith Estimate" of your closing costs. This closing cost estimate is based on the loan officer's past experience. It's important to note that while our GFEs are very precise, we cannot always estimate your costs to the penny. We field questions about these costs every day at Primary Residential Mortgage Inc., so please be sure to ask if you have questions.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At Primary Residential Mortgage Inc., we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Costs related to "originating" your loan
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
At Primary Residential Mortgage Inc., we answer questions about closing costs every day. Give us a call: 540-433-6611.
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