About Closing Costs
|Are you looking for a mortgage loan? We'd be thrilled to discuss our many mortgage solutions! Give us a call today at 312-829-1010. Ready to get started? Apply Online Now.|
"Closing Costs" are the fees which pay for various services involved in the sale of a home. Sellers & buyers often negotiate to determine who will pay different portions of these costs.
As you'll see below, many of the buyer's costs cover the costs of getting the mortgage loan. Since Cypress Mortgage is highly experienced with mortgages & closings, we can help you understand your closing costs.
Good Faith Estimates (GFEs)
Soon after you submit your application, we will give you a "Good Faith Estimate" of your closing costs. This cost estimate is based on our past experience. Please note that while our GFEs are very precise, we cannot always predict costs to the penny. We review Good Faith Estimates with buyers every day, so we will be happy to answer your questions about closing costs.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At Cypress Mortgage, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing CostsLoan-Related Costs
- Appraisal Fee
- Pulling Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Loan-related costs
- Points — lower your interest rate (optional)
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood / Quake Insurance if applicable
- Private Mortgage Insurance (PMI)