Closing Costs for Home Real Estate Transactions
All residential real estate transactions involves fixed costs. Sellers and buyers usually split these closing costs, as the sales contract specifies.
Many of the costs associated with buying a house are associated with getting a loan. At Greystone Loans, Inc., we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
The Loan Estimate (Also known as the LE)
Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the LE are estimated based on our experience with mortgage loans, but costs usually vary a little bit between the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering your questions and highlighting 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 have completed your loan application. At Greystone Loans, Inc., we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing CostsLoan-Related Costs
- Costs associated with "originating" your loan
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Obtaining Your Credit Report
- Interest Payment
- Escrow Account
- Recording Fees & Transfer Taxes
- Flood or Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance