How do Closing Costs Work?

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"Closing Costs" are the fees which pay for various services involved in the sale of a home. Sellers & buyers often negotiate these costs.

As the list below indicates, many of the costs result from getting your mortgage loan. Since VITEK MORTGAGE GROUP has extensive experience with closings & mortgages, we are closing cost experts.

Good Faith Estimates (GFEs)

Soon after you submit your application, we will provide you with a "Good Faith Estimate" of your costs. The closing costs specified in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs usually change by small amounts between the Good Faith Estimate (GFE) and closing. We handle buyers' questions about these costs every day at VITEK MORTGAGE GROUP, so please feel free to contact us if you have questions.

We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed your application. At VITEK MORTGAGE GROUP, 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

• Various Taxes
• Loan Origination Fee
• Points — lower your mortgage interest rate (optional)
• Appraisal Costs
• Pulling Your Credit Report
• Up-front Interest Payment
• Escrow Fees

Property Taxes

• Insurance
• Recording Fees & Transfer Taxes

Homeowners Insurance

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

At VITEK MORTGAGE GROUP, we answer questions about closing costs every day. Call us: 800-530-9421.