What Costs are Involved in Closing?

There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and the seller, as spelled out in the sales contract.

As you or your Realtor® negotiate the sales contract for your new home, you should not only work to get the sales price you want but also work to limit the number of closing costs for which you will be responsible.

We will walk you through the closing costs, answering any questions you may have explaining which costs are decreed by law to be yours and which are negotiable.

Good Faith Estimate

The Good Faith Estimate is a three page form designed so you can determine which mortgage is best for you. It shows the loan terms and settlement charges you will pay if you decide to go forward with the process and are approved for the loan.

Standard Closing Costs

LOAN RELATED COSTS

• Loan Origination Fee
• Points (optional)
• Appraisal Fee
• Credit Report
• Interest Payment
• Escrow Account

TAXES

• Property Taxes
• Transfer Taxes and Recording Fees

INSURANCE

• Homeowners Insurance
• Flood or Quake Insurance
• Private Mortgage Insurance (PMI)
• Title Insurance