About Closing Costs
There are certain standard costs related to closing the sale of a home. Sellers and buyers customarily share these closing 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 originating the loan. Since Greystone Loans, Inc. has extensive experience with closings and mortgages, we are closing cost experts.
The Loan Estimate (Also known as the LE)
Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the Loan Estimate are estimated based on Greystone Loans, Inc.'s experience with mortgage loans, but costs usually change a little bit between the LE and closing. We review LEs with buyers almost every day, so we'd be glad to answer the you have about closing costs.
Below is a generic list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing CostsLoan-Related Costs
- Appraisal Fee
- Obtaining Your Credit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Loan Origination Fee
- Points — A fee paid to lower your interest rate (optional)
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance