Closing Costs

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"Closing Costs" are the fees which cover the various services involved in the sale of a house. Buyers & sellers almost always negotiate the payment of these costs.

As you'll see below, many of the costs result from getting your mortgage. Since Alternative Mortgage Solutions, Inc. has extensive experience with closings & mortgages, we can help you understand your closing costs.

Good Faith Estimates (GFEs)

Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The cost estimate comes out of the loan officer's past experience. Please note that while our GFEs are very accurate, we can't always estimate your costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that can change slightly at the closing table.

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 Alternative Mortgage Solutions, Inc., 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

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

Property Taxes

• Insurance
• Transfer Taxes & Recording Fees

Homeowners Insurance

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

At Alternative Mortgage Solutions, Inc., we answer questions about closing costs every day. Give us a call at 314-835-1195.