Closing Costs for Residential Real Estate Transactions
Certain standard costs are associated with closing the sale of a home. Buyers and sellers customarily split these closing costs, as the real estate sales contract specifies.
As you'll see below, many of the costs result from getting your mortgage loan. At Mortgage Max Inc, we are highly experienced in mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Good Faith Estimate".
Good Faith Estimate (GFE)
Soon after you apply for a loan, we'll give you a "Good Faith Estimate" of your costs. This cost estimate is based on the loan officer's past experience. It's important to note that while our GFEs are very precise, we can't always estimate closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that sometimes vary a little bit at closing.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you complete your application. At Mortgage Max Inc, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Loan-related costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Costs
- Getting Your Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Transfer Taxes and Recording Fees
- Flood / Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
At Mortgage Max Inc, we answer questions about closing costs every day. Call us at 760-547-2080.