About Closing Costs
"Closing Costs" are the fees that pay for the various services involved when you sell or buy a house. Buyers & sellers almost always negotiate the payment of these closing costs.
Many of the closing costs associated with buying a house are associated with getting a mortgage. At Real Property Finance, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs in your "Good Faith Estimate".
Good Faith Estimate (GFE)
Very shortly after you apply for a loan, we will provide you with the "Good Faith Estimate" of your closing costs. The closing costs specified in the GFE are estimated based on our experience with mortgage loans, but costs usually vary by small amounts between delivery of the Good Faith Estimate (GFE) and closing. We explain Good Faith Estimates with buyers almost every day, so we'd be glad to answer the you have about closing costs.
Below you'll find a general list of closing costs. We will always provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Various Taxes
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Pulling Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Transfer Taxes and Recording Fees
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
Real Property Finance can help you understand closing costs. Call us: 310-379-5997.
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