Understanding Closing Costs

There are certain standard costs associated with closing the sale of a property.  These fees are split between the buyer and the seller, as spelled out in the purchase contract.  The cost split on these fees is, to an extent, negotiable.  

Good Faith Estimate

Buyers will receive a “Good Faith Estimate” of closing costs at the time the loan application is submitted to the lender.  The estimate is provided by the loan officer, and it may not include all of the pertaining closing costs.  

Standard Closing Costs

Loan-Related Costs:

  • Loan origination fee
  • Points (if applicable)
  • Appraisal fee
  • Credit report
  • Interest payment
  • Escrow fee

Tax-Related Costs:

  • Prorated property taxes
  • Transfer taxes
  • Recording fees

Insurance-Related Costs:

  • Homeowners insurance
  • Flood insurance
  • Private mortgage insurance (“PMI”)
  • Title insurance

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