Certain standard costs are related to closing the sale of a home. Buyers and sellers almost always share these costs, as the real estate sales contract specifies.
As you'll see below, many of the costs result from getting your 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. The closing costs enumerated in the GFE are estimated based on our experience with mortgage loans, but costs usually change by small amounts between the Good Faith Estimate (GFE) and closing. We review GFEs with buyers almost every day, so we'd be glad to answer any questions you have about closing costs.
Below is a fairly generic list of costs for buying residential real estate. We will provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
Escrow Account TaxesLoan-related costs Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Costs Pulling Your Credit Report Up-front Interest Payment
Insurance Transfer Taxes & Recording Fees
Private Mortgage Insurance (PMI) Title Insurance Flood / Quake Insurance if applicable
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