What are Closing Costs?
"Closing Costs" are the fees which cover various services involved in the sale of a house. Buyers & sellers usually negotiate to determine who will pay different portions of these closing costs.
As you'll see below, many of the buyer's closing costs are related to the costs of originating the loan. At Greystone Loans, Inc., we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Loan Estimate".
The Loan Estimate (Also known as the LE)
Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the LE are estimated based on Greystone Loans, Inc.'s experience with mortgage loans, but costs usually vary by small amounts between delivery of the Loan Estimate (LE) and closing. We explain LEs with buyers every day, so we'd be glad to answer your questions about closing costs.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you complete your loan application. At Greystone Loans, Inc., we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Loan-Related Costs
- Up-front Interest Payment
- Escrow Fees
- Taxes
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Pulling YourCredit Report
Property Taxes
- Insurance
- Transfer Taxes and Recording Fees
Homeowners Insurance
- Flood or Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
Greystone Loans, Inc. can answer questions about these closing costs. Call us at 9094671090.