Certain standard costs are related to closing the sale of a home. Sellers and buyers customarily share these costs, as the real estate sales contract specifies.
Many of the costs associated with buying a house are associated with getting the loan. At Statewide Funding, we have extensive experience in mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs in your "Good Faith Estimate".
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. We base this cost estimate on our extensive past experience. It's important to note that while our GFEs are very precise, we can't always estimate costs to the penny. We field buyers' questions about these costs every day at Statewide Funding, so please feel free to contact us if you have questions.
Below you'll find a fairly general list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
Appraisal Costs Getting Your Credit Report Interest Payment Escrow Account Various TaxesLoan Origination Fee Points — lower your interest rate (optional)
Recording Fees & Transfer Taxes Insurance
Title Insurance Flood or Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI)
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