How do Closing Costs Work?

	Searching for a mortgage loan? We'll be glad to discuss your mortgage needs! Give us a call at 916-783-8800. Ready to begin? Apply Here.

There are certain standard costs related to closing the sale of a house. Buyers and sellers usually split these closing costs, as the sales contract specifies.

As you'll see below, many of the buyer's closing costs cover the costs of originating the loan. Since MAE Capital Mortgage is highly experienced with mortgages and closings, we often explain the details of closing costs.

Good Faith Estimate (Also know as the GFE)

Very soon after you submit your application, we will provide you with 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 can't always predict your costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that can vary a little bit at the closing table.

Below you'll find a fairly generic list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we deliver your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs

• Appraisal Costs
• Obtaining Your Credit Report
• Up-front Interest Payment
• Escrow Fees
• Taxes
• Costs related to "originating" your loan
• Points — lower your mortgage interest rate (optional)

Property Taxes

• Transfer Taxes and Recording Fees
• Insurance

Homeowners Insurance

• Flood or Quake Insurance if applicable
• Private Mortgage Insurance (PMI)
• Title Insurance

MAE Capital Mortgage can help you understand closing costs. Give us a call: 916-783-8800 or email us for more information at info@maecapital.com .