Closing Costs for Home Real Estate Transactions
"Closing Costs" are the fees which pay for the various services involved when you sell or buy residential real estate. Buyers and sellers negotiate these costs.
As you'll see below, many of the closing costs result from getting your mortgage. Since Advantage Funding has extensive experience with closings and mortgages, we are closing cost experts.
The Good Faith Estimate (GFE)
Soon after you submit your application, we'll give you a "Good Faith Estimate" of your costs. We base this cost estimate on our extensive past experience. Please note that while our GFEs are very precise, we can't always estimate closing costs to the penny. We handle buyers' questions about closing costs every day at Advantage Funding, so don't hesitate to ask if we can help answer your questions.
Below you'll find a fairly general list of closing costs. We will always provide a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
- Escrow Fees
- Loan-related costs
- Points — lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance
At Advantage Funding, we answer questions about closing costs every day. Give us a call at 925-628 6200.