Closing Costs

There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and the seller, as spelled out in the sales contract.

Your real estate agent will negotiate the sales contract for you, he/she should work to get the sales price you want.

Your real estate agent and/or I will walk you through the closing costs, answering any questions you may have explaining which costs are decreed by law to be yours and which are negotiable.

Good Faith Estimate

Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. I will be glad to review the "Good Faith Estimate," answering questions and highlighting missing costs and estimates I believe to be low.

Standard Closing Costs

Loan-Related Costs

  • Loan Origination Fee
  • Discount Points (optional) 
  • Processing Fee 
  • Underwriting Fee
  • Appraisal Fee
  • Credit Report
  • Interest Payment
  • Escrow Account
  • Lender Fee (varies depending on lender)

Taxes

  • Property Taxes
  • Transfer Taxes and Recording Fees

Insurance

  • Homeowners Insurance
  • Flood or Quake Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance


Phelan Mortgage Associates, Inc. 450 Cherry Tree Road Unit B Aston, PA 19014
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