Closing Costs for Residential Real Estate Transactions
"Closing Costs" are the fees which cover the various services involved when you sell or buy a home. Sellers & buyers usually negotiate to decide how to split these closing costs.
As indicated below, many of the buyer's closing costs are related to the costs of getting the mortgage loan. Since Greystone Loans, Inc. has extensive experience with mortgages and closings, we are closing cost experts.
Loan Estimate (LE)
Soon after you submit your application, we will give you a "Loan Estimate" of your costs. We base this cost estimate on our extensive past experience. Please note that while our LEs are very accurate, we cannot always estimate your costs to the penny. We go over Loan Estimates with buyers every day, so we are happy to answer the you have about closing costs.
We've provided a general list of closing costs below, but we'll give 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
- Points — lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account
- Taxes
- Costs associated with "originating" your loan
Property Taxes
- Insurance
- Transfer Taxes and Recording Fees
Homeowners Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance
Greystone Loans, Inc. can help you understand closing costs. Give us a call: 9094671090.