About Closing Costs
"Closing Costs" are the fees that cover the various services involved when you sell or buy residential real estate. Sellers & buyers usually negotiate the payment of these closing costs.
Many of the closing costs associated with buying residential real estate are associated with getting the mortgage. At Greystone Loans, Inc., we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
Loan Estimate (LE)
Very shortly after you apply for a loan, we will give you the "Loan Estimate" of your costs. The closing costs spelled out in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually change a little bit between delivery of the LE and closing. We explain Loan Estimates with buyers almost every day, so we will be happy to answer the you have about closing costs.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you complete 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
- Getting YourCredit Report
- Up-front Interest Payment
- Escrow Fees
- Taxes
- Loan Origination Fee
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Costs
Property Taxes
- Insurance
- Recording Fees & Transfer Taxes
Homeowners Insurance
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
At Greystone Loans, Inc., we answer questions about closing costs every day. Call us: 9094671090.