How do Closing Costs Work?

There are certain standard costs associated with closing the sale of a house. Buyers and sellers usually share these closing costs, as specified in the sales contract.

As you'll see below, many of the buyer's costs are related to the costs of originating the loan. At Evolution Mortgage Inc., we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of closing costs related to your mortgage in your "Good Faith Estimate".

The Good Faith Estimate (GFE)

Soon after you apply for a loan, we'll provide you with the "Good Faith Estimate" of your closing costs. We base this cost estimate on our many years of past experience. Please note that while our GFEs are very accurate, we can't always predict your costs to the penny. We explain GFEs with buyers every day, so we'd be glad to answer the you have about closing costs.

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 loan application. At Evolution Mortgage Inc., 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
  • Obtaining YourCredit Report
  • Up-front Interest Payment
  • Escrow Account
  • Taxes
  • Loan Origination Fee
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Fee
Property Taxes
  • Insurance
  • Recording Fees and Transfer Taxes
Homeowners Insurance
  • Title Insurance
  • Flood / Earthquake Insurance
  • Private Mortgage Insurance (PMI)

Evolution Mortgage Inc. can help you understand closing costs. Call us: 631-273-1188.