Closing Costs for Residential Real Estate Transactions
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Every home sale incurs fixed costs. Sellers and buyers almost always share these closing costs, as the real estate sales contract specifies.
Many of the costs associated with buying residential real estate are associated with getting a mortgage. Since Crown Mortgage is highly experienced with closings & mortgages, we can help you understand your closing costs.
Good Faith Estimate (Also know as the GFE)
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the GFE are estimated based on Crown Mortgage's experience with mortgage loans, but costs usually change a little bit between the Good Faith Estimate (GFE) and closing. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that sometimes vary a little bit at the closing table.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Crown Mortgage, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Obtaining Your Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Costs associated with "originating" your loan
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood or Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
Crown Mortgage can help you understand closing costs. Give us a call at (434) 975-5626.
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