Closing Costs for Home Real Estate Transactions
There are certain standard costs related to closing the sale of a home. Sellers and buyers customarily split these closing costs, as specified in the real estate sales contract.
As the list below indicates, many of the costs result from getting your mortgage. At Statewide Funding, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Loan Estimate".
Loan Estimate (LE)
Very shortly after you apply for a loan, we'll give you the "Loan Estimate" of your closing costs. The closing costs specified in the Loan Estimate are estimated based on Statewide Funding's experience with mortgage loans, but costs usually vary a little bit between the LE and closing. We field buyers' questions about these costs every day at Statewide Funding, so please be sure to ask if you have questions.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you have completed your loan application. At Statewide Funding, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Loan Origination Fee
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
Statewide Funding can answer questions about these closing costs. Call us: (415) 456-7802.