Don't Forget Closing Costs
"Closing Costs" are the fees that cover various services involved in the sale of residential real estate. Sellers and buyers often negotiate to determine who will pay different portions of these closing costs.
Many of the costs associated with buying a house are associated with getting the loan. Since Real Property Finance has extensive experience with closings & mortgages, we often explain the details of closing costs.
Good Faith Estimate (GFE)
Soon after you apply for a loan, we'll provide you with the "Good Faith Estimate" of your costs. We base this closing cost estimate on our extensive past experience. Please note that while our GFEs are very accurate, we can't always estimate your closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that sometimes vary a little bit at closing.
Below you'll find a 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
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Getting Your Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Loan-related costs
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance if applicable
Real Property Finance can help you understand closing costs. Give us a call at 310-379-5997.
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