Closing costs explained

There are certain standard costs associated with closing a loan. If it's a purchase, these fees are split between the buyer and the seller, as spelled out in the sales contract. We 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.

For a refinance, you are completely responsible for any costs associated with the loan unless there is an agreement in place to waive certain fees. Keep in mind that most closing costs come from a third party and not First Equity Direct.

Good Faith Estimate

Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to us. The estimate is based on the loan officer's past experience and may not include all the closing costs. We will be glad to review the "Good Faith Estimate," answering any questions you have about the document.

Standard Closing Costs Loan-Related Costs Loan Origination Fee Points (optional) Appraisal Fee Credit Report Interest Payment Escrow Account Taxes Property Taxes Transfer Taxes and Recording Fees Insurance Homeowners Insurance Flood or Quake Insurance Private Mortgage Insurance (PMI) Title Insurance