Don't Forget Closing Costs
"Closing Costs" are the fees that cover the various services involved when you sell or buy a house. Buyers and sellers often negotiate these costs.
Many of the closing costs associated with buying residential real estate are associated with getting the loan. Since Greystone Loans, Inc. is highly experienced with closings and mortgages, we can help you understand your closing costs.
Loan Estimates (LEs)
Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. This cost estimate is based on our past experience. Please note that while our LEs are very precise, we can't always estimate your costs to the penny. We field questions about closing costs every day at Greystone Loans, Inc., so please feel free to contact us if you have questions.
Below is a fairly generic list of costs for buying residential real estate. We will provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing CostsLoan-Related Costs
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Loan Origination Fee
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Pulling YourCredit Report
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood / Quake Insurance if applicable
- Private Mortgage Insurance (PMI)