About Closing Costs
"Closing Costs" are the fees that pay for various services involved in the sale of residential real estate. Buyers and sellers almost always negotiate the payment of these costs.
As you'll see below, many of the buyer's closing costs cover the costs of originating the mortgage loan. Since Real Property Finance has extensive experience with closings and mortgages, we are closing cost experts.
Good Faith Estimates (GFEs)
Soon after you apply for a loan, we'll give you 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 the Good Faith Estimate (GFE) and closing. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that sometimes change slightly at the closing table.
Below is a generic 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
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Loan Origination Fee
- Points — lower your mortgage interest rate (optional)
- Recording Fees and Transfer Taxes
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Real Property Finance can answer questions about these closing costs. Call us at 310-379-5997.
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