Closing Costs for Home Real Estate Transactions
"Closing Costs" are the fees which cover various services involved in the sale of a house. Sellers and buyers usually negotiate to determine who will pay different portions of these costs.
As you'll see below, many of the buyer's costs cover the costs of getting the loan. Since Mortgage Max Inc has extensive experience with closings and mortgages, we are closing cost experts.
The Good Faith Estimate (Also know as the GFE)
Buyers will receive a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. We base this cost estimate on our many years of past experience. It's important to note that while our GFEs are very precise, we cannot always estimate closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that sometimes vary a little bit at the closing table.
Below you'll find a general list of costs for buying residential real estate. We will provide a specific list of your closing costs when we give you a Good Faith Estimate.
Standard Closing Costs
- Escrow Account
- Various Taxes
- Loan-related costs
- Points — lower your mortgage interest rate (optional)
- Appraisal Costs
- Getting Your Credit Report
- Up-front Interest Payment
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
Mortgage Max Inc can help you understand closing costs. Call us: 760-547-2080.