About Closing Costs

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"Closing Costs" are the fees which cover various services involved when you sell or buy a house. Buyers & sellers almost always negotiate these costs.

As you'll see below, many of the buyer's costs cover the costs of getting the mortgage loan. Since Tier One Mortgage, LLC is highly experienced with closings & mortgages, we often explain the details of closing costs.

Good Faith Estimates (GFEs)

Very soon after you apply for a loan, we will give you a "Good Faith Estimate" of your closing costs. The closing costs specified in the GFE are estimated based on Tier One Mortgage, LLC's experience with mortgage loans, but costs usually change by small amounts between delivery of the Good Faith Estimate (GFE) and closing. We explain Good Faith Estimates with buyers almost every day, so we'd be glad to answer any questions you have about closing costs.

We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you have completed your application. At Tier One Mortgage, LLC, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs

• Interest Payment
• Escrow Account
• Taxes
• Loan-related costs
• Points — lower your interest rate (optional)
• Appraisal Fee
• Getting YourCredit Report

Property Taxes

• Insurance
• Transfer Taxes & Recording Fees

Homeowners Insurance

• Title Insurance
• Flood / Earthquake Insurance if applicable
• Private Mortgage Insurance (PMI)

Tier One Mortgage, LLC can help you understand closing costs. Call us at (585) 872-1486.