How do Closing Costs Work?

Every home sale incurs certain costs. Buyers and sellers almost always share these closing costs, as specified in the real estate sales contract.

As the list below indicates, many of the closing costs result from getting your loan. Since Arizona Wholesale Mortgage LLC has extensive experience with closings & mortgages, we often explain the details of closing costs.

Good Faith Estimates (GFEs)

Very soon after you submit your application, we will give you a "Good Faith Estimate" of your costs. The closing costs enumerated in the GFE are estimated based on our experience with mortgage loans, but costs often change a little bit between delivery of the GFE and closing. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that sometimes change slightly at the closing table.

Below is a fairly general list of closing costs. We will provide a specific list of your closing costs when we deliver your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Loan Origination Fee
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Costs
  • Credit Report
  • Interest Payment
  • Escrow Account
  • Taxes
Property Taxes
  • Recording Fees & Transfer Taxes
  • Insurance
Homeowners Insurance
  • Flood / Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

Arizona Wholesale Mortgage LLC can answer questions about these closing costs. Call us at 602-369-8482.

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