Don't Forget Closing Costs
Are you looking for a new mortgage? We will be glad to assist you! Give us a call today at 9183711065. Want to get started? Apply Now
"Closing Costs" are the fees which cover various services involved in the sale of residential real estate. Sellers and buyers usually negotiate the payment of these costs.
As you'll see below, many of the buyer's closing costs cover the costs of originating the mortgage loan. Since American Bank of Oklahoma has extensive experience with closings and mortgages, we can help you understand your closing costs.
The Good Faith Estimate (Also know as the GFE)
Soon after you submit your application, we'll provide you with a "Good Faith Estimate" of your costs. The closing costs enumerated in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs usually vary a little bit between delivery of the Good Faith Estimate (GFE) and closing. We field buyers' questions about these costs every day at American Bank of Oklahoma, so please feel free to contact us if you have questions.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you have completed your application. At American Bank of Oklahoma, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Costs associated with "originating" your loan
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
American Bank of Oklahoma can help you understand closing costs. Call us: 9183711065.