Closing Costs for Residential Real Estate Transactions
All residential real estate sales involves certain costs. Buyers and sellers customarily split these closing costs, as specified in the real estate sales contract.
Many of the closing costs associated with buying a house are associated with getting a mortgage loan. Since Real Property Finance is highly experienced with closings and mortgages, we can help you understand your closing costs.
Good Faith Estimates (GFEs)
Buyers will receive a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. We base this closing cost estimate on our many years of past experience. Please note that while our GFEs are very precise, we cannot always estimate your costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that can change slightly at the closing table.
Below you'll find a generic list of costs for buying a home. We will provide you with a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
- Loan Origination Fee
- Points — lower your mortgage interest rate (optional)
- Appraisal Costs
- Obtaining Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Recording Fees & Transfer Taxes
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Real Property Finance can help you understand closing costs. Call us: 310-379-5997.
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