Every home sale involves certain fixed costs. Sellers and buyers customarily share these costs, as the sales contract specifies.
As you'll see below, many of the buyer's closing costs cover the costs of getting the loan. Since MinnTrust Mortgage is highly experienced with closings & mortgages, we can help you understand your closing costs.
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing cost estimate comes out of our past experience. It's important to note that while our GFEs are very accurate, we can't always estimate your closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and highlighting costs that can change slightly at the closing table.
Below is a fairly generic list of closing costs. We will always provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing CostsLoan-Related Costs
Getting Your Credit Report
Up-front Interest Payment
Loan Origination Fee
Points — lower your interest rate (optional) Property Taxes
Recording Fees and Transfer Taxes Homeowners Insurance
Flood / Earthquake Insurance if applicable
Private Mortgage Insurance (PMI)
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