"Closing Costs" are the fees that pay for various services involved in the sale of residential real estate. Sellers and buyers negotiate to determine who will pay different portions of these closing costs.
As you'll see below, many of the buyer's costs cover the costs of getting the loan. Since Team Funding Group has extensive experience with mortgages and closings, we are closing cost experts.
Very soon after you apply for a loan, we will provide you with a "Loan Estimate" of your closing costs. We base this closing cost estimate on our many years of past experience. Please note that while our LEs are very precise, we cannot always predict closing costs to the penny. We explain Loan Estimates with buyers every day, so we are happy to answer your questions about closing costs.
Below is a fairly generic list of costs for buying residential real estate. We will provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
TaxesCosts related to "originating" your loan Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Credit Report Interest Payment Escrow Fees
Recording Fees and Transfer Taxes Insurance
Title Insurance Flood / Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
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