Closing Costs for Residential Real Estate Transactions

"Closing Costs" are the fees which cover the various services involved when you sell or buy residential real estate. Sellers and buyers often negotiate to determine who will pay different portions of these closing costs.

As you'll see below, many of the closing costs result from getting your loan. Since Evolution Mortgage Inc. has extensive experience with closings & mortgages, we are closing cost experts.

Good Faith Estimates (GFEs)

Soon after you submit your application, we'll provide you with the "Good Faith Estimate" of your costs. The closing costs spelled out in the Good Faith Estimate are estimated based on Evolution Mortgage Inc.'s experience with mortgage loans, but costs usually change by small amounts between the Good Faith Estimate (GFE) and closing. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that can change slightly at the closing table.

Below is a fairly general list of closing costs. We will provide you with a specific list of your closing costs when we provide your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Escrow Account
  • Various Taxes
  • Loan Origination Fee
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Up-front Interest Payment
Property Taxes
  • Insurance
  • Recording Fees and Transfer Taxes
Homeowners Insurance
  • Flood / Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

Evolution Mortgage Inc. can answer questions about these closing costs. Give us a call at 631-273-1188.