There are certain standard costs related to closing the sale of a house. Buyers and sellers usually share these closing costs, as the sales contract specifies.
Many of the closing costs associated with buying residential real estate are associated with getting a mortgage loan. At Capacity Lending, LLC, we are highly experienced in mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Good Faith Estimate".
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs usually vary a little bit between delivery of the GFE and closing. We go over Good Faith Estimates with buyers almost every day, so we are happy to answer your questions about closing costs.
Below is a fairly generic list of costs for buying a home. We will provide you with a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
Escrow Account Various TaxesLoan-related costs Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Fee Credit Report Interest Payment
Transfer Taxes & Recording Fees Insurance
Private Mortgage Insurance (PMI) Title Insurance Flood / Quake Insurance if applicable
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