About Closing Costs
Certain standard costs are associated with closing the sale of a house. Buyers and sellers customarily share these closing costs, as the sales contract specifies.
As the list below indicates, many of the closing costs result from getting your mortgage loan. At Greystone Loans, Inc., we are highly experienced in mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Loan Estimate".
The Loan Estimate (Also known as the LE)
Soon after you apply for a loan, we will provide you with the "Loan Estimate" of your costs. This cost estimate is based on our past experience. Please note that while our LEs are very accurate, we cannot always estimate your closing costs to the penny. We explain Loan Estimates with buyers every day, so we'd be glad to answer your questions about closing costs.
Below is a general list of closing costs. We will always provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing CostsLoan-Related Costs
- Up-front Interest Payment
- Escrow Account
- Costs associated with "originating" your loan
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Obtaining YourCredit Report
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)