About Closing Costs
Certain standard costs are associated with closing the sale of a home. Buyers and sellers usually split these closing costs, as specified in the real estate sales contract.
As the list below indicates, many of the costs result from getting your mortgage loan. At Advantage Funding, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs often vary a little bit between delivery of the GFE and closing. We explain GFEs with buyers almost every day, so we will be happy to answer any questions you have about closing costs.
Below you'll find a general list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Getting Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Loan Origination Fee
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance
Advantage Funding can help you understand closing costs. Call us: 925-628 6200.