Your Closing Costs
"Closing Costs" are the fees that cover the various services involved when you sell or buy residential real estate. Buyers and sellers often negotiate to decide how to share these closing costs.
As you'll see below, many of the buyer's costs are related to the costs of getting the mortgage loan. At Chris Caggiano - Grand Oaks Funding, LLC, we are highly experienced in mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Very soon after you apply for a loan, we will provide you with the "Good Faith Estimate" of your closing costs. The closing costs spelled out in the Good Faith Estimate are estimated based on Chris Caggiano - Grand Oaks Funding, LLC's experience with mortgage loans, but costs often vary a little bit between delivery of the Good Faith Estimate (GFE) and closing. We will be glad to review the "Good Faith Estimate," answering your questions and highlighting costs that sometimes change slightly at closing.
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 complete your application. At Chris Caggiano - Grand Oaks Funding, LLC, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Costs associated with "originating" your loan
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Pulling Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Transfer Taxes & Recording Fees
- Title Insurance
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
Chris Caggiano - Grand Oaks Funding, LLC can answer questions about these closing costs. Give us a call at (718) 477-4405.