How do Closing Costs Work?


	In the market for a new mortgage loan? We can help! Give us a call today at 405-720-7064. Ready to get started? Apply Online Now.

"Closing Costs" are the fees which cover the various services involved in the sale of a house. Buyers and sellers often negotiate to decide how to split these closing costs.

As indicated below, many of the buyer's closing costs are related to the costs of getting the loan. Since GPN Mortgage is highly experienced with mortgages & closings, we can help you understand your closing costs.

Good Faith Estimates (GFEs)

Very shortly after you apply for a loan, we'll provide you with a "Good Faith Estimate" of your closing costs. The closing costs specified in the GFE are estimated based on GPN Mortgage's experience with mortgage loans, but costs usually vary a little bit between the GFE and closing. We go over GFEs with buyers every day, so we will be happy to answer any questions you have about closing costs.

Below is a fairly general list of closing costs. 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

Various Taxes
Costs related to "originating" your loan
Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
Appraisal Costs
Credit Report
Up-front Interest Payment
Escrow Fees

Property Taxes

Transfer Taxes & Recording Fees
Insurance

Homeowners Insurance

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

At GPN Mortgage, we answer questions about closing costs every day. Give us a call at 405-720-7064.

By clicking on the link below you are leaving GPN Mortgage's Web site and linking to a non-affiliated third party site. Please be advised that you will then link to a Web site hosted by another party, where you will no longer be subject to, or under the protection of, the privacy and security policies of GPN Mortgage. We recommend that you review and evaluate the privacy and security policies of the site that you are entering. GPN Mortgage assumes no liability for the content, information, security, policies or transactions provided by these other sites.