Closing Costs for Residential Real Estate Transactions
"Closing Costs" are the fees that cover the various services involved in the sale of residential real estate. Buyers & sellers usually negotiate these costs.
As the list below indicates, many of the costs result from getting your loan. Since Greystone Loans, Inc. has extensive experience with closings & mortgages, we are closing cost experts.
Loan Estimates (LEs)
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing cost estimate comes out of the loan officer's past experience. It's important to note that while our LEs are very precise, we can't always estimate costs to the penny. We review LEs with buyers every day, so we'd be glad to answer the you have about closing costs.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, very soon after you complete 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
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Recording Fees and Transfer Taxes
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance