About Closing Costs
"Closing Costs" are the fees which cover the various services involved in the sale of a home. Buyers & sellers usually negotiate to decide how to share these costs.
As you'll see below, many of the buyer's costs cover the costs of getting the mortgage loan. Since Strategic Home Loans, Inc. has extensive experience with closings and mortgages, we can help you understand your closing costs.
The Good Faith Estimate (Also know as the GFE)
Buyers will get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the GFE are estimated based on Strategic Home Loans, Inc.'s experience with mortgage loans, but costs usually change by small amounts between the GFE and closing. We handle buyers' questions about these costs every day at Strategic Home Loans, Inc., so please be sure to ask if we can help answer your questions.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you have completed your application. At Strategic Home Loans, Inc., we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Loan Origination Fee
- Points — lower your mortgage interest rate (optional)
- Transfer Taxes & Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance
Strategic Home Loans, Inc. can answer questions about these closing costs. Give us a call: (805) 496-7500.