There are certain standard costs related to closing the sale of a house. Buyers and sellers customarily share these closing costs, as the real estate sales contract specifies.
As indicated below, many of the buyer's costs are related to the costs of getting the mortgage loan. Since Statewide Funding has extensive experience with closings and mortgages, 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 comes out of our past experience. It's important to note that while our GFEs are very accurate, we can't always predict costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that can change slightly at closing.
Below you'll find a fairly general list of closing costs. We will provide a specific list of your closing costs when we give you a Good Faith Estimate.
Standard Closing Costs
Loan Origination Fee Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Costs Credit Report Interest Payment Escrow Fees Taxes
Transfer Taxes and Recording Fees Insurance
Title Insurance Flood / Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
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