Don't Forget Closing Costs
"Closing Costs" are the fees which pay for various services involved when you sell or buy a home. Sellers & buyers usually negotiate to decide how to split these costs.
Many of the costs associated with buying a house are associated with getting the mortgage loan. At Greystone Loans, Inc., we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your "Loan Estimate".
Loan Estimates (LEs)
Very soon after you submit your application, we'll give you a "Loan Estimate" of your closing costs. 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 cannot always predict your closing costs to the penny. We answer questions about closing costs every day at Greystone Loans, Inc., so please feel free to ask if we can help answer your questions.
Below you'll find a fairly general list of costs for buying a home. We will provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing CostsLoan-Related Costs
- Appraisal Fee
- Obtaining Your Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Costs related to "originating" your loan
- Points — lower your interest rate (optional)
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance if applicable