Closing Costs
There are certain standard costs associated with closing the sale of a house. Sellers and buyers customarily share these costs, as specified in the real estate sales contract.
As you'll see below, many of the buyer's closing costs are related to the costs of getting the loan. At Greystone Loans, Inc., we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Loan Estimate".
The Loan Estimate (LE)
Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the LE are estimated based on Greystone Loans, Inc.'s experience with mortgage loans, but costs often vary by small amounts between delivery of the Loan Estimate (LE) and closing. We review Loan Estimates with buyers almost 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 have completed your 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
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Costs associated with "originating" your loan
- Points — These are costs you pay up-front to lower your interest rate (optional)
Property Taxes
- Transfer Taxes & Recording Fees
- Insurance
Homeowners Insurance
- Title Insurance
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
Greystone Loans, Inc. can help you understand closing costs. Give us a call at 9094671090.