Closing Costs for Residential Real Estate Transactions
There are certain standard costs related to closing the sale of a house. Buyers and sellers almost always share these costs, as specified in the real estate sales contract.
As you’ll see below, many of the buyer’s closing costs cover the costs of getting the mortgage loan. Since Global Home Finance Inc. has extensive experience with closings and mortgages, we are closing cost experts.
Good Faith Estimate (GFE)
Very shortly after you submit your application, we will give you a “Good Faith Estimate” of your costs. We base this cost estimate on our many years of past experience. Please note that while our GFEs are very precise, we cannot always estimate your costs to the penny. We review Good Faith Estimates with buyers almost every day, so we are happy to answer your questions about closing costs.
We’ve provided a general list of these costs below, but we’ll provide you a specific list of closing costs, with amounts, soon after you complete your loan application. At Global Home Finance Inc., we don’t believe in surprises, so if your costs change, we’ll be sure to let you know immediately.
Standard Closing Costs
- Various Taxes
- Loan-related costs
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)