How do Closing Costs Work?
There are certain standard costs related to closing the sale of a home. Sellers and buyers customarily split these closing costs, as specified in the sales contract.
As you'll see below, many of the closing costs result from getting your mortgage. Since Chris Caggiano - Grand Oaks Funding, LLC is highly experienced with closings & mortgages, we are closing cost experts.
Good Faith Estimate (GFE)
Buyers will get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the GFE are estimated based on Chris Caggiano - Grand Oaks Funding, LLC's experience with mortgage loans, but costs often vary a little bit between the GFE and closing. We field buyers' questions about closing costs every day at Chris Caggiano - Grand Oaks Funding, LLC, so don't hesitate to ask if we can help answer your questions.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you have completed your application. At Chris Caggiano - Grand Oaks Funding, LLC, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Interest Payment
- Escrow Fees
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
- Obtaining YourCredit Report
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance if applicable
Chris Caggiano - Grand Oaks Funding, LLC can help you understand closing costs. Call us at (718) 477-4405.