Closing Costs for Home Real Estate Transactions
Every home sale involves certain costs. 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 loan. At Advanced Mortgage, Inc., we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimate (GFE)
Buyers will get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing cost estimate is based on the loan officer's past experience. It's important to note that while our GFEs are very precise, we cannot always estimate closing 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'll provide you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Advanced Mortgage, Inc., we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Escrow Account
- Costs related to "originating" your loan
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Recording Fees and Transfer Taxes
- Flood or Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
Advanced Mortgage, Inc. can answer questions about these closing costs. Call us: (972)991-0080.