What are Closing Costs?
"Closing Costs" are the fees which cover various services involved in the sale of a home. Sellers and buyers usually negotiate these costs.
Many of the closing costs associated with buying residential real estate are associated with getting the mortgage. Since Real Property Finance is highly experienced with closings & mortgages, we are closing cost experts.
Loan Estimates (LEs)
Very shortly after you apply for a loan, we'll provide you with the "Loan Estimate" of your costs. This closing cost estimate is based on our past experience. Please note that while our LEs are very accurate, we cannot always estimate costs to the penny. We review Loan Estimates with buyers every day, so we will be happy to answer the you have about closing costs.
Below you'll find a generic list of costs for buying residential real estate. We will provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Loan Origination Fee
- Points — lower your interest rate (optional)
- Appraisal Costs
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance
Real Property Finance can help you understand closing costs. Call us at 310-379-5997.
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