Closing Costs for Residential Real Estate Transactions
There are certain standard costs associated with closing the sale of a home. Buyers and sellers customarily share these closing costs, as specified in the sales contract.
As you'll see below, many of the costs result from getting your mortgage loan. At Evolution Mortgage Inc., we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Good Faith Estimate".
The Good Faith Estimate (Also know as the GFE)
Very soon after you apply for a loan, we will give you the "Good Faith Estimate" of your closing costs. The closing costs specified in the Good Faith Estimate are estimated based on Evolution Mortgage Inc.'s experience with mortgage loans, but costs usually vary by small amounts between delivery of the GFE and closing. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that can vary a little bit at closing.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you complete your application. At Evolution Mortgage Inc., we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Up-front Interest Payment
- Escrow Fees
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Getting YourCredit Report
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
At Evolution Mortgage Inc., we answer questions about closing costs every day. Call us: 631-273-1188.