Closing Costs for Residential Real Estate Transactions

There are certain standard costs associated with closing the sale of a home. Sellers and buyers almost always share these closing costs, as the real estate sales contract specifies.

As the list below indicates, many of the costs result from getting your mortgage loan. At Advantage Funding, we are highly experienced in mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Loan Estimate".

Loan Estimates (LEs)

Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this closing cost estimate on our many years of past experience. It's important to note that while our LEs are very precise, we cannot always estimate closing costs to the penny. We answer questions about closing costs every day at Advantage Funding, so don't hesitate to contact us if we can help answer your questions.

Below is a fairly general list of costs for buying a home. We will always provide a specific list of your closing costs when we give you a Loan Estimate.

Standard Closing Costs

Loan-Related Costs

• Points — A fee paid to lower your mortgage interest rate (optional)
• Appraisal Costs
• Obtaining Your Credit Report
• Interest Payment
• Escrow Account
• Taxes
• Loan Origination Fee

Property Taxes

• Insurance
• Transfer Taxes and Recording Fees

Homeowners Insurance

• Flood / Earthquake Insurance if applicable
• Private Mortgage Insurance (PMI)
• Title Insurance

At Advantage Funding, we answer questions about closing costs every day. Give us a call at 925-628 6200.