How do Closing Costs Work?

There are certain standard costs related to closing the sale of a home. Sellers and buyers almost always share these costs, as specified in the sales contract.

As you'll see below, many of the buyer's costs cover the costs of getting the mortgage loan. At Bright Vision Mortgage, 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".

Good Faith Estimates (GFEs)

Soon after you submit your application, we will give you the "Good Faith Estimate" of your costs. We base this closing cost estimate on our many years of past experience. Please note that while our GFEs are very precise, we cannot always estimate costs to the penny. We review GFEs with buyers almost every day, so we'd be glad to answer any questions you have about closing costs.

Below you'll find a general list of closing costs. We will always provide a specific list of your closing costs when we give you a Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Appraisal Fee
  • Credit Report
  • Up-front Interest Payment
  • Escrow Fees
  • Various Taxes
  • Costs related to "originating" your loan
  • Points — These are costs you pay up-front to lower your interest rate (optional)
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood or Earthquake Insurance

Bright Vision Mortgage can answer questions about these closing costs. Give us a call: (904) 342-3622.

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