“Closing Costs” are the fees that cover the various services involved in the sale of residential real estate. Buyers and sellers negotiate to decide how to share these costs.
As indicated below, many of the buyer’s closing costs are related to the costs of originating the mortgage loan. Since Dove Mortgage Corporation is highly experienced with closings and mortgages, we can help you understand your closing costs.
The Good Faith Estimate (GFE)
Buyers will receive a “Good Faith Estimate” of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the GFE are estimated based on our experience with mortgage loans, but costs usually change by small amounts between the Good Faith Estimate (GFE) and closing. We go over Good Faith Estimates with buyers almost every day, so we’d be glad to answer the you have about closing costs.
Below you’ll find a generic list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
- Various Taxes
- Loan-related costs
- Points — lower your mortgage interest rate (optional)
- Appraisal Fee
- Obtaining Your Credit Report
- Interest Payment
- Escrow Account
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)