Closing Costs

Are you looking for a mortgage loan? We'd be thrilled to answer your questions about your mortgage needs! Call us at 810.679.2500. Ready to get started? Apply Here.

"Closing Costs" are the fees which pay for the various services involved when you sell or buy a house. Buyers and sellers often negotiate to determine who will pay different portions of these closing costs.

As indicated below, many of the closing costs result from getting your mortgage. Since Eastern Michigan Bank is highly experienced with mortgages & closings, we are closing cost experts.

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 closing costs spelled out in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs usually vary by small amounts between delivery of the Good Faith Estimate (GFE) and closing. We handle buyers' questions about these costs every day at Eastern Michigan Bank, so don't hesitate to ask if we can help answer your questions.

We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, soon after you complete your loan application. At Eastern Michigan Bank, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Costs
  • Obtaining Your Credit Report
  • Interest Payment
  • Escrow Account
  • Various Taxes
  • Loan-related costs
Property Taxes
  • Insurance
  • Transfer Taxes and Recording Fees
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Quake Insurance
At Eastern Michigan Bank, we answer questions about closing costs every day. Call us: 810.679.2500.