Don't Forget Closing Costs
All residential real estate sales incurs certain fixed costs. Buyers and sellers usually share these costs, as the sales contract specifies.
Many of the costs associated with buying a house are associated with getting the mortgage loan. Since Greystone Loans, Inc. is highly experienced with closings and mortgages, we are closing cost experts.
The Loan Estimate (Also known as the LE)
Very soon after you apply for a loan, we will give you the "Loan Estimate" of your costs. The closing cost estimate is based on our past experience. Please note that while our LEs are very precise, we can't always predict costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes change slightly at the closing table.
Below you'll find a fairly general list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing CostsLoan-Related Costs
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Costs related to "originating" your loan
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
- Recording Fees & Transfer Taxes
- Flood / Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance