Closing Costs

What are Closing Costs?

“Closing Costs” are the fees which pay for various services involved in the sale of a house. Buyers & sellers negotiate to determine who will pay different portions of these costs.

As you’ll see below, many of the buyer’s closing costs cover the costs of originating the loan. At Baseline Mortgage, LLC, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your “Good Faith Estimate”.

The Good Faith Estimate (Also know as the GFE)

Buyers get a “Good Faith Estimate” of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the GFE are estimated based on our experience with mortgage loans, but costs often change by small amounts between the Good Faith Estimate (GFE) and closing. We field buyers’ questions about closing costs every day at Baseline Mortgage, LLC, so please be sure to ask if you have questions.

We’ve provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed your application. At Baseline Mortgage, LLC, 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

  • Pulling YourCredit Report
  • Up-front Interest Payment
  • Escrow Account
  • Taxes
  • Loan Origination Fee
  • Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
  • Appraisal Costs

Property Taxes

  • Recording Fees and Transfer Taxes
  • Insurance

Homeowners Insurance

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