"Closing Costs" are the fees that cover various services involved when you sell or buy a house. Sellers & buyers usually negotiate to decide how to split these closing costs.
As indicated below, many of the closing costs result from getting your mortgage loan. At VALoansMN.com, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Good Faith Estimate".
Soon after you apply for a loan, we will provide you with a "Good Faith Estimate" of your closing costs. We base this cost estimate on our extensive past experience. It's important to note that while our GFEs are very precise, we cannot always estimate closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and highlighting costs that sometimes change slightly at closing.
Below you'll find a general list of closing costs. We will provide you with a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
Appraisal Costs Obtaining Your Credit Report Interest Payment Escrow Account Various TaxesCosts related to "originating" your loan Points — These are costs you pay up-front to lower your interest rate (optional)
InsuranceRecording Fees and Transfer Taxes
Title Insurance Flood / Quake Insurance Private Mortgage Insurance (PMI)
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