Closing Costs

“Closing Costs” are the fees that cover the various services involved when you sell or buy residential real estate. Sellers and buyers often negotiate to decide how to split these costs.

Many of the costs associated with buying a home are associated with getting a loan. At Superior Mortgage Services, Inc., we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your “Good Faith Estimate”.

The Good Faith Estimate (GFE)

Buyers will receive 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 Superior Mortgage Services, Inc.’s experience with mortgage loans, but costs usually change by small amounts between the GFE and closing. We will be glad to review the “Good Faith Estimate,” answering questions and highlighting costs that sometimes vary a little bit at the closing table.

Below you’ll find a general list of costs for buying a home. We will always provide you with a specific list of your closing costs when we provide your Good Faith Estimate.


Standard Closing Costs

Loan-Related Costs

  • Loan-related costs
  • Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
  • Appraisal Costs
  • Credit Report
  • Up-front Interest Payment
  • Escrow Fees
  • Taxes

Property Taxes

  • Transfer Taxes and Recording Fees
  • Insurance

Homeowners Insurance

  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Quake Insurance