How do Closing Costs Work?

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Every home sale incurs fixed costs. Sellers and buyers usually share these costs, as the sales contract specifies.

As you'll see below, many of the buyer's costs are related to the costs of getting the loan. At Mark Campbell, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs in your "Good Faith Estimate".

Good Faith Estimates (GFEs)

Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. This cost estimate comes out of the loan officer's past experience. Please note that while our GFEs are very precise, we can't always predict closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and highlighting costs that sometimes change slightly at closing.

We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, soon after you have completed your loan application. At Mark Campbell, 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

• Escrow Account
• Various Taxes
• Costs related to "originating" your loan
• Points — lower your mortgage interest rate (optional)
• Appraisal Fee
• Obtaining Your Credit Report
• Interest Payment

Property Taxes

• Insurance
• Recording Fees and Transfer Taxes

Homeowners Insurance

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

Mark Campbell can answer questions about these closing costs. Call us: 7274926100.