What are the closing costs associated with a mortgage loan?
Closing costs are the actual costs required to obtain a mortgage. They include origination fees, points, credit report, tax service, appraisal, underwriting, flood certification, title fees, Private Mortgage Insurance and recording fees to name a few. As a general rule, you can figure closing costs to be about 3% of your loan amount. Closing costs can be higher or lower depending on the mortgage program. If you want to know how much your closing costs will run, ask your Lender for a Good Faith Estimate.
