Closing Costs for Residential Real Estate Transactions
All residential real estate transactions incurs certain costs. Sellers and buyers customarily share these costs, as specified in the sales contract.
As the list below indicates, many of the costs result from getting your mortgage loan. At Trustin Mortgage, LLC, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the Good Faith Estimate are estimated based on Trustin Mortgage, LLC's experience with mortgage loans, but costs usually vary by small amounts between delivery of the Good Faith Estimate (GFE) and closing. We will be glad to review the "Good Faith Estimate," answering your questions and highlighting costs that can change slightly at the closing table.
Below is a fairly generic list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Loan-related costs
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance if applicable
At Trustin Mortgage, LLC, we answer questions about closing costs every day. Give us a call: (302) 765-8089.
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