Closing Costs for Home Real Estate Transactions

Every home sale involves certain fixed costs. Buyers and sellers customarily split these costs, as specified in the sales contract.

As you'll see below, many of the closing costs result from getting your mortgage. At 1st Credential Mortgage Inc, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Good Faith Estimate".

Good Faith Estimate (GFE)

Buyers will receive a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. We base this cost estimate on our many years of past experience. It's important to note that while our GFEs are very precise, we can't always estimate closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that sometimes vary a little bit at the closing table.

Below is a fairly general list of costs for buying residential real estate. We will provide a specific list of your closing costs when we deliver your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Various Taxes
  • Loan-related costs
  • Points — lower your interest rate (optional)
  • Appraisal Costs
  • Getting Your Credit Report
  • Interest Payment
  • Escrow Fees
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Earthquake Insurance if applicable

1st Credential Mortgage Inc can help you understand closing costs. Call us: (281) 778-0805.

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