Closing Costs

There are certain standard costs associated with closing the sale of a house. I will walk you through the closing costs, answering your questions.

Buyers will receive a "Good Faith Estimate" of closing costs at the time of application which will include all the "closing costs" associated with your loan. There are additional costs associated with your purchase which are not closing costs but are part of the cost of purchasing a property. Simplified Mortgages, LLC will fully disclose those additional items to you.

Standard Closing Costs Loan-Related Costs Points also known as Origination or Broker fee (optional) Appraisal Fee (paid at time of service) Interim Interest (closing date to end of month)  Initial Escrow Account (property tax & homeowners insurance) Recording Fee (Town/cities charge to record your legal documents, the Attorney will pass this cost along to you) Taxes Property Taxes (depending upon your closing date, you will reimburse the seller for the portion they have prepaid, as well as setting up an escrow account, these are not considered closing costs to be reported on the Good Faith Estimate. However, they are a cost you will be responsible to pay.) Insurance Homeowners Insurance (typically you pay for the first year in advance) Flood Insurance (if applicable) Private Mortgage Insurance (PMI) (if applicable) Title Insurance (Attorney charge which is based upon purchase price)