About Closing Costs

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"Closing Costs" are the fees which pay for the various services involved in the sale of a house. Sellers and buyers negotiate to determine who will pay different portions of these costs.

As you'll see below, many of the closing costs result from getting your mortgage loan. At Forum Mortgage Bancorp, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related costs in your "Good Faith Estimate".

The Good Faith Estimate (GFE)

Very soon after you submit your application, we'll provide you with the "Good Faith Estimate" of your closing costs. We base this cost estimate on our extensive past experience. Please note that while our GFEs are very precise, we can't always estimate costs to the penny. We answer buyers' questions about these costs every day at Forum Mortgage Bancorp, so please be sure to ask if you have questions.

Below you'll find a fairly general list of costs for buying residential real estate. We will provide a specific list of your closing costs when we give you a Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Getting YourCredit Report
  • Interest Payment
  • Escrow Fees
  • Taxes
  • Costs associated with "originating" your loan
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Costs
Property Taxes
  • Insurance
  • Transfer Taxes and Recording Fees
Homeowners Insurance
  • Title Insurance
  • Flood or Earthquake Insurance
  • Private Mortgage Insurance (PMI)
Forum Mortgage Bancorp can answer questions about these closing costs. Call us: (773) 774-9040 Ext 121.

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