All residential real estate transactions involves certain fixed costs. Buyers and sellers customarily split these costs, as the sales contract specifies.
As you'll see below, many of the buyer's closing costs are related to the costs of originating the loan. Since Statewide Funding has extensive experience with mortgages & closings, we often explain the details of closing costs.
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. This cost estimate is based on our past experience. Please note that while our GFEs are very precise, we cannot always estimate your costs to the penny. We field questions about these costs every day at Statewide Funding, so please feel free to contact us if you have questions.
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
TaxesLoan Origination Fee Points — A fee paid to lower your interest rate (optional) Appraisal Fee Credit Report Interest Payment Escrow Fees
InsuranceRecording Fees & Transfer Taxes
Flood / Earthquake Insurance Private Mortgage Insurance (PMI) Title Insurance
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