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Standard closing cost.
I was talking to a young couple the other day in my office and was going over their GFE with them and the young lady asked "what are all these closing cost?"  So, it got me thinking. How many other young potential home owners don't know what closing cost are. Which ones are real costs and which ones do lenders just through in as junk fees?
So I decide to write up a list for the general consumer on what closing costs you should have on a general basis.  Now, mind you, some lenders may call different fees different things but this is a general idea of what fees you should see on your Good Faith Estimate from almost every lender.
There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and the seller, as spelled out in the sales contract. The fees will be listed on what we call a Good Faith Estimate.
What is a Good Faith Estimate or GFE you ask.
Good Faith Estimate
Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on fees that you may be charged by all of ... more

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