There are certain standard costs related to closing the sale of a house. Sellers and buyers customarily share these costs, as specified in the sales contract.
Many of the closing costs associated with buying residential real estate are associated with getting a mortgage. At Cornerstone Home Mortgage, we have extensive experience in mortgage lending, so we can compile a comprehensive report on costs related to your mortgage 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 cost estimate is based on the loan officer's past experience. Please note that while our GFEs are very precise, we cannot always predict your closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that can change slightly at closing.
Below you'll find a fairly generic list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
Interest Payment Escrow Fees TaxesCosts associated with "originating" your loan Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Fee Getting YourCredit Report
Insurance Transfer Taxes & Recording Fees
Title Insurance Flood or Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI)
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