What are Closing Costs?
"Closing Costs" are the fees that cover the various services involved in the sale of a home. Sellers and buyers almost always negotiate to decide how to split these closing costs.
Many of the costs associated with buying a house are associated with getting a loan. Since Greystone Loans, Inc. is highly experienced with closings and mortgages, we can help you understand your closing costs.
Loan Estimate (LE)
Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the LE are estimated based on our experience with mortgage loans, but costs often change by small amounts between the LE and closing. We field questions about closing costs every day at Greystone Loans, Inc., so don't hesitate to ask if you have questions.
Below is a general list of closing costs. We will always provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing CostsLoan-Related Costs
- Appraisal Costs
- Obtaining Your Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Costs related to "originating" your loan
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance