About Closing Costs
All residential real estate transactions involves certain fixed costs. Sellers and buyers almost always share these costs, as specified in the real estate sales contract.
As you'll see below, many of the buyer's costs cover the costs of originating the mortgage loan. Since Real Property Finance has extensive experience with mortgages and closings, we can help you understand your closing costs.
Good Faith Estimate (GFE)
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the GFE are estimated based on Real Property Finance's experience with mortgage loans, but costs often vary a little bit between the GFE and closing. We review GFEs with buyers every day, so we'd be glad to answer your questions about closing costs.
Below is a general list of closing costs. We will always provide you with a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Account
- Costs related to "originating" your loan
- Transfer Taxes & Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance
At Real Property Finance, we answer questions about closing costs every day. Give us a call at 310-379-5997.
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