What are Closing Costs?
Certain standard costs are associated with closing the sale of a home. Buyers and sellers customarily share these costs, as specified in the real estate sales contract.
Many of the costs associated with buying residential real estate are associated with getting the mortgage loan. Since Tenby J. Dahman has extensive experience with mortgages and closings, we are closing cost experts.
Good Faith Estimate (Also know as the GFE)
Buyers will get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the GFE are estimated based on our experience with mortgage loans, but costs often vary a little bit between the Good Faith Estimate (GFE) and closing. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that sometimes change slightly at closing.
Below you'll find a fairly 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 Costs
- Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Loan Origination Fee
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance if applicable
Tenby J. Dahman can answer questions about these closing costs. Give us a call at (303) 862-7760.