Don't Forget Closing Costs
There are certain standard costs associated with closing the sale of a house. Buyers and sellers customarily split these closing costs, as specified in the real estate sales contract.
As indicated below, many of the closing costs result from getting your mortgage loan. Since Real Property Finance is highly experienced with mortgages & closings, we are closing cost experts.
Good Faith Estimates (GFEs)
Very soon after you apply for a loan, we will provide you with a "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 precise, we cannot always estimate your closing costs to the penny. We field buyers' questions about closing costs every day at Real Property Finance, so please be sure to contact us if you have questions.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, soon after you complete your loan application. At Real Property Finance, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Up-front Interest Payment
- Escrow Account
- Loan Origination Fee
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Costs
- Obtaining YourCredit Report
- Transfer Taxes & Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance if applicable
Real Property Finance can answer questions about these closing costs. Give us a call: 310-379-5997.
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