What are Closing Costs?
Every home sale incurs certain costs. Sellers and buyers customarily share these closing costs, as specified in the sales contract.
Many of the costs associated with buying residential real estate are associated with getting the mortgage loan. At Advantage Funding, we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Very soon after you submit your application, we will give you a "Good Faith Estimate" of your costs. We base this cost estimate on our many years of past experience. It's important to note that while our GFEs are very precise, we can't always predict your costs to the penny. We answer questions about these costs every day at Advantage Funding, so please be sure to ask if you have questions.
Below you'll find a fairly generic list of costs for buying residential real estate. We will provide a specific list of your closing costs when we give you a Good Faith Estimate.
Standard Closing Costs
- Loan-related costs
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Obtaining Your Credit Report
- Interest Payment
- Escrow Fees
- Recording Fees and Transfer Taxes
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Advantage Funding can answer questions about these closing costs. Give us a call: 925-628 6200.