Closing Costs for Residential Real Estate Transactions

Every home sale incurs fixed costs. Sellers and buyers customarily share these closing costs, as the real estate sales contract specifies.

As you'll see below, many of the buyer's closing costs are related to the costs of getting the loan. Since Greystone Loans, Inc. has extensive experience with closings and mortgages, we are closing cost experts.

Loan Estimates (LEs)

Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. This closing cost estimate comes out of our past experience. Please note that while our LEs are very precise, we cannot always estimate closing costs to the penny. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that sometimes vary a little bit at closing.

We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, soon after you have completed your 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

Loan-Related Costs

• Appraisal Costs
• Credit Report
• Interest Payment
• Escrow Account
• Taxes
• Loan Origination Fee
• Points — lower your mortgage interest rate (optional)

Property Taxes

• Insurance
• Recording Fees & Transfer Taxes

Homeowners Insurance

• Private Mortgage Insurance (PMI)
• Title Insurance
• Flood or Quake Insurance if applicable

Greystone Loans, Inc. can help you understand closing costs. Call us at (909) 467-1090.