What Are Closing Costs?
When selling your home “For Sale by Owner” (aka FSBO), your lender usually prepares a “Good Faith Estimate” of closing costs. You are entitled to receive this estimate no later than three business days after you apply for a loan. Because it is an estimate of the costs you may incur, it may not contain all potential costs. The lender will not know what all of the costs are going to be. The Good Faith Estimate will be an estimate based on previous experience. Actual closing expenses usually exceed the estimate. To avoid problems, go prepared to pay more than the amount listed on your estimate.
If you are comparing two lenders, look only at the costs charged by the lender. Lenders can only make educated guesses about the charges made by others.
You will receive an itemization of costs you may have to pay when you buy your home. The costs are listed in the order that they should appear on a Good Faith Estimate you obtain from a mortgage lender.
There are two broad categories of closing costs. Non-recurring closing costs are items that are paid once and you never pay again such as loan origination fees,...
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