Closing Costs for Residential Real Estate Transactions
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All residential real estate transactions incurs costs. Sellers and buyers almost always split these closing costs, as specified in the sales contract.
Many of the costs associated with buying a home are associated with getting the loan. Since Residential Mortgage Center, Inc. has extensive experience with closings & mortgages, we often explain the details of closing costs.
Good Faith Estimates (GFEs)
Soon after you submit your application, we will provide you with a "Good Faith Estimate" of your closing costs. We base this closing cost estimate on our many years of past experience. It's important to note that while our GFEs are very accurate, we can't always estimate costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that can vary a little bit at closing.
Below you'll find a fairly general list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we give you a Good Faith Estimate.
Standard Closing Costs
- Loan-related costs
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Obtaining Your Credit Report
- Interest Payment
- Escrow Fees
- Recording Fees and Transfer Taxes
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
Residential Mortgage Center, Inc. can help you understand closing costs. Call us: (240) 428-1650.