How do Closing Costs Work?

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"Closing Costs" are the fees which cover various services involved when you sell or buy residential real estate. Sellers and buyers often negotiate to decide how to split these costs.

As indicated below, many of the buyer's closing costs cover the costs of originating the mortgage loan. At Liberty Mortgage Associates Inc., we are highly experienced in mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".

Good Faith Estimates (GFEs)

Soon after you apply for a loan, we will give you a "Good Faith Estimate" of your costs. The closing costs enumerated in the GFE are estimated based on Liberty Mortgage Associates Inc.'s experience with mortgage loans, but costs often change a little bit between the Good Faith Estimate (GFE) and closing. We answer buyers' questions about closing costs every day at Liberty Mortgage Associates Inc., so please feel free to ask if you have questions.

We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you complete your application. At Liberty Mortgage Associates Inc., we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs

• Points — These are costs you pay up-front to lower your interest rate (optional)
• Appraisal Costs
• Credit Report
• Up-front Interest Payment
• Escrow Account
• Taxes
• Costs related to "originating" your loan

Property Taxes

• Insurance
• Transfer Taxes and Recording Fees

Homeowners Insurance

• Private Mortgage Insurance (PMI)
• Title Insurance
• Flood / Earthquake Insurance

Liberty Mortgage Associates Inc. can help you understand closing costs. Call us at 877-799-4015.