Closing Costs for Residential Real Estate Transactions
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"Closing Costs" are the fees which pay for the various services involved in the sale of a house. Buyers and sellers usually negotiate these costs.
As indicated below, many of the costs result from getting your mortgage. Since The Statewide Group @ Southwest Funding has extensive experience with closings & mortgages, we can help you understand your closing costs.
Good Faith Estimates (GFEs)
Very soon after you submit your application, we will provide you with the "Good Faith Estimate" of your closing costs. The closing costs spelled out in the GFE are estimated based on The Statewide Group @ Southwest Funding's experience with mortgage loans, but costs often change by small amounts between delivery of the Good Faith Estimate (GFE) and closing. We handle questions about these costs every day at The Statewide Group @ Southwest Funding, so please feel free to ask if we can help answer your questions.
Below you'll find a general list of costs for buying a home. We will provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing CostsLoan-Related Costs
- Escrow Fees
- Various Taxes
- Loan Origination Fee
- Points — lower your interest rate (optional)
- Appraisal Costs
- Pulling Your Credit Report
- Interest Payment
- Recording Fees & Transfer Taxes
- Flood / Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance