Don't Forget Closing Costs
All residential real estate sales involves fixed costs. Buyers and sellers usually split these closing costs, as specified in the real estate sales contract.
As you'll see below, many of the costs result from getting your loan. At Advantage Funding, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Good Faith Estimate".
Good Faith Estimate (GFE)
Very soon after you apply for a loan, we will give you a "Good Faith Estimate" of your costs. We base this cost estimate on our many years of past experience. Please note that while our GFEs are very accurate, we cannot always estimate costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that can vary a little bit at closing.
We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, very soon after you complete your application. At Advantage Funding, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Appraisal Costs
- Obtaining Your Credit Report
- Interest Payment
- Escrow Account
- Loan Origination Fee
- Points — lower your interest rate (optional)
- Transfer Taxes & Recording Fees
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Advantage Funding can answer questions about these closing costs. Call us at 925-628 6200.