Closing Costs for Residential Real Estate Transactions
"Closing Costs" are the fees which pay for the various services involved when you sell or buy residential real estate. Buyers & sellers often negotiate the payment of these costs.
As you'll see below, many of the costs result from getting your loan. At Greystone Loans, Inc., we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Soon after you submit your application, we'll provide you with a "Loan Estimate" of your costs. The closing cost estimate comes out of the loan officer's past experience. It's important to note that while our LEs are very accurate, we cannot always estimate costs to the penny. We answer buyers' questions about these costs every day at Greystone Loans, Inc., so please feel free to contact us if you have questions.
Below is a fairly general list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing CostsLoan-Related Costs
- Interest Payment
- Escrow Fees
- Loan-related costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Costs
- Getting YourCredit Report
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood / Quake Insurance if applicable
- Private Mortgage Insurance (PMI)