Closing Costs for Residential Real Estate Transactions
All residential real estate sales involves certain costs. Sellers and buyers usually share these costs, as the sales contract specifies.
As indicated below, many of the buyer's closing costs are related to the costs of originating the loan. At Selectplus Lending, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Very shortly after you submit your application, we'll give you a "Loan Estimate" of your closing costs. The closing cost estimate comes out of our past experience. It's important to note that while our LEs are very accurate, we cannot always estimate costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that sometimes change slightly at closing.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you complete your application. At Selectplus Lending, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
Loan-Related Costs
- Pulling YourCredit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Loan-related costs
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
Property Taxes
- Insurance
- Transfer Taxes & Recording Fees
Homeowners Insurance
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
At Selectplus Lending, we answer questions about closing costs every day. Give us a call: (818)645-7035.