About Closing Costs

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"Closing Costs" are the fees that cover the various services involved in the sale of a house. Buyers & sellers almost always negotiate to decide how to share these closing costs.

Many of the costs associated with buying a home are associated with getting a loan. At MHQ Financial Services, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".

Good Faith Estimate (GFE)

Soon after you submit your application, we will provide you with the "Good Faith Estimate" of your costs. This cost estimate comes out of our past experience. It's important to note that while our GFEs are very accurate, we cannot always predict closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that can vary a little bit at closing.

Below you'll find a fairly generic list of costs for buying a home. We will always provide you with a specific list of your closing costs when we give you a Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs

• Points — A fee paid to lower your mortgage interest rate (optional)
• Appraisal Fee
• Credit Report
• Up-front Interest Payment
• Escrow Account
• Various Taxes
• Loan-related costs

Property Taxes

• Recording Fees & Transfer Taxes
• Insurance

Homeowners Insurance

• Title Insurance
• Flood or Earthquake Insurance
• Private Mortgage Insurance (PMI)

MHQ Financial Services can answer questions about these closing costs. Give us a call: 573-302-9990.