Don't Forget Closing Costs
"Closing Costs" are the fees which pay for various services involved in the sale of residential real estate. Buyers & sellers usually negotiate to decide how to share these closing costs.
As you'll see below, many of the costs result from getting your mortgage loan. Since Greystone Loans, Inc. is highly experienced with closings & mortgages, we often explain the details of closing costs.
The Loan Estimate (Also known as the LE)
Soon after you apply for a loan, we'll provide you with the "Loan Estimate" of your closing costs. The closing costs enumerated in the LE are estimated based on Greystone Loans, Inc.'s experience with mortgage loans, but costs usually change a little bit between delivery of the LE and closing. We field buyers' questions about closing costs every day at Greystone Loans, Inc., so please feel free to contact us if we can help answer your questions.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At Greystone Loans, Inc., we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Interest Payment
- Escrow Fees
- Costs related to "originating" your loan
- Points — lower your interest rate (optional)
- Appraisal Costs
- Obtaining YourCredit Report
- Transfer Taxes & Recording Fees
- Title Insurance
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
Greystone Loans, Inc. can help you understand closing costs. Call us at 9094671090.