"Closing Costs" are the fees which pay for various services involved when you sell or buy a house. Sellers & buyers often negotiate these closing costs.
As indicated below, many of the buyer's costs are related to the costs of getting the mortgage loan. At Greystone Loans, Inc., we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
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 the loan officer's past experience. Please note that while our LEs are very precise, we can't always estimate closing costs to the penny. We review LEs with buyers every day, so we'd be glad to answer the you have about closing costs.
Below you'll find a fairly generic list of closing costs. We will always provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing CostsLoan-Related Costs
- Pulling YourCredit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Costs related to "originating" your loan
- Points — lower your mortgage interest rate (optional)
- Appraisal Fee
- Recording Fees and Transfer Taxes
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance