Closing Costs for Home Real Estate Transactions
All residential real estate sales involves certain costs. Sellers and buyers usually share these closing costs, as the real estate sales contract specifies.
As the list below indicates, many of the closing costs result from getting your mortgage loan. At American Residential Real Estate Financial, Inc., we have extensive experience in mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Soon after you submit your application, we will give you the "Good Faith Estimate" of your costs. The cost estimate comes out of the loan officer's past experience. It's important to note that while our GFEs are very accurate, we cannot always estimate closing costs to the penny. We handle questions about closing costs every day at American Residential Real Estate Financial, Inc., so please be sure to ask if you have questions.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed your application. At American Residential Real Estate Financial, Inc., we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing CostsLoan-Related Costs
- Loan Origination Fee
- Points — lower your mortgage interest rate (optional)
- Appraisal Fee
- Pulling Your Credit Report
- Interest Payment
- Escrow Fees
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)