What are Closing Costs?
Every home sale incurs certain fixed costs. Sellers and buyers customarily split these closing costs, as specified in the sales contract.
Many of the costs associated with buying a home are associated with getting a loan. At Real Property Finance, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Very soon after you submit your application, we'll provide you with a "Good Faith Estimate" of your costs. The closing costs spelled out in the Good Faith Estimate are estimated based on Real Property Finance's experience with mortgage loans, but costs often change a little bit between delivery of the GFE and closing. We go over Good Faith Estimates with buyers every day, so we'd be glad to answer your questions about closing costs.
Below is a fairly generic list of closing costs. We will always provide a specific list of your closing costs when we give you a Good Faith Estimate.
Standard Closing Costs
- Interest Payment
- Escrow Account
- Loan-related costs
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
- Pulling YourCredit Report
- Recording Fees & Transfer Taxes
- Flood or 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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