Every home sale involves costs. Buyers and sellers customarily split these closing costs, as specified in the real estate sales contract.
As indicated below, many of the buyer's closing costs cover the costs of getting the loan. Since Statewide Funding has extensive experience with mortgages & closings, we can help you understand your closing costs.
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing cost estimate comes out of our past experience. Please note that while our GFEs are very precise, we cannot always estimate your costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that can change slightly at the closing table.
We've provided a general list of these costs below, but we'll give 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'll be sure to let you know immediately.
Standard Closing Costs
Appraisal Costs Getting Your Credit Report Up-front Interest Payment Escrow Fees Various TaxesCosts associated with "originating" your loan Points — A fee paid to lower your mortgage interest rate (optional)
InsuranceRecording Fees & Transfer Taxes
Title Insurance Flood or Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
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