Closing Costs for Residential Real Estate Transactions
"Closing Costs" are the fees that cover various services involved in the sale of residential real estate. Sellers & buyers usually negotiate the payment of these closing costs.
As indicated below, many of the buyer's closing costs are related to the costs of getting the 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 Estimate (Also known as the LE)
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The cost estimate comes out of our past experience. Please note that while our LEs are very accurate, we can't always estimate closing costs to the penny. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that sometimes vary a little bit at the closing table.
Below is a generic list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing CostsLoan-Related Costs
- Loan-related costs
- 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
- Various Taxes
- Recording Fees and Transfer Taxes
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance