Closing Costs for Residential Real Estate Transactions
Certain standard costs are associated with closing the sale of a house. Sellers and buyers usually share these closing costs, as specified in the sales contract.
Many of the closing costs associated with buying a home are associated with getting a loan. At Equity Edge Mortgage, Inc., we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimate (GFE)
Very soon after you submit your application, we'll give you a "Good Faith Estimate" of your costs. The closing costs enumerated in the GFE are estimated based on our experience with mortgage loans, but costs often vary by small amounts between the Good Faith Estimate (GFE) and closing. We answer buyers' questions about these costs every day at Equity Edge Mortgage, Inc., so please be sure to contact us if you have questions.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, soon after you have completed your loan application. At Equity Edge Mortgage, Inc., we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Escrow Fees
- Costs associated with "originating" your loan
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Pulling Your Credit Report
- Interest Payment
- Transfer Taxes and Recording Fees
- Flood or Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
Equity Edge Mortgage, Inc. can help you understand closing costs. Call us: 719-425-2226.