How do Closing Costs Work?

"Closing Costs" are the fees which pay for the various services involved in the sale of a house. Buyers and sellers almost always negotiate to decide how to share these costs.

Many of the costs associated with buying a home are associated with getting the loan. Since Statewide Funding is highly experienced with mortgages & closings, we are closing cost experts.

The Good Faith Estimate (GFE)

Soon after you apply for a loan, we will give you a "Good Faith Estimate" of your costs. This closing cost estimate is based on the loan officer's past experience. It's important to note that while our GFEs are very precise, we cannot always estimate closing costs to the penny. We field questions about closing costs every day at Statewide Funding, so don't hesitate to ask if you have questions.

We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you complete your 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

Loan-Related Costs
  • Credit Report
  • Up-front Interest Payment
  • Escrow Account
  • Various Taxes
  • Loan-related costs
  • Points — lower your interest rate (optional)
  • Appraisal Fee
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Quake Insurance

At Statewide Funding, we answer questions about closing costs every day. Call us at (415) 456-7802.

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