What are Closing Costs?

"Closing Costs" are the fees that pay for various services involved in the sale of a home. Buyers & sellers negotiate these costs.

As indicated below, many of the buyer's closing costs are related to the costs of originating the loan. Since Evolution Mortgage Inc. is highly experienced with closings & mortgages, we often explain the details of closing costs.

The Good Faith Estimate (Also know as the GFE)

Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. We base this cost estimate on our many years of past experience. It's important to note that while our GFEs are very accurate, we cannot always predict your costs to the penny. We review GFEs with buyers almost every day, so we'd be glad to answer the you have about closing costs.

We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you have completed your application. At Evolution Mortgage Inc., we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Various Taxes
  • Loan Origination Fee
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Costs
  • Credit Report
  • Up-front Interest Payment
  • Escrow Account
Property Taxes
  • Insurance
  • Recording Fees & Transfer Taxes
Homeowners Insurance
  • Flood or Quake Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance

At Evolution Mortgage Inc., we answer questions about closing costs every day. Call us at 631-273-1188.