About Closing Costs
All residential real estate transactions involves certain costs. Sellers and buyers customarily split these costs, as the sales contract specifies.
As indicated below, many of the costs result from getting your mortgage. Since Glendale Mortgage has extensive experience with closings & mortgages, we often explain the details of closing costs.
Good Faith Estimates (GFEs)
Soon after you apply for a loan, we will give you a "Good Faith Estimate" of your closing costs. This closing cost estimate comes out of the loan officer's past experience. Please note that while our GFEs are very accurate, we cannot always predict closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that sometimes vary a little bit at closing.
Below you'll find a fairly general list of costs for buying residential real estate. We will provide a specific list of your closing costs when we give you a Good Faith Estimate.
Standard Closing Costs
- Appraisal Fee
- Obtaining Your Credit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Loan-related costs
- Points — A fee paid to lower your mortgage interest rate (optional)
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance
At Glendale Mortgage, we answer questions about closing costs every day. Give us a call at 610-853-6500.