How do Closing Costs Work?

Every home sale incurs certain fixed costs. Buyers and sellers usually share these closing costs, as the sales contract specifies.

As you'll see below, many of the costs result from getting your mortgage loan. Since Chris Caggiano - Grand Oaks Funding, LLC is highly experienced with mortgages & closings, we can help you understand your closing costs.

Loan Estimate (Also known as the LE)

Very shortly after you submit your application, we'll provide you with the "Loan Estimate" of your costs. We base this cost estimate on our many years of past experience. Please note that while our LEs are very precise, we cannot always predict closing costs to the penny. We will be glad to review the "Loan 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 a home. We will provide you with a specific list of your closing costs when we deliver your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Points — These are costs you pay up-front to lower your interest rate (optional)
  • Appraisal Costs
  • Pulling Your Credit Report
  • Up-front Interest Payment
  • Escrow Account
  • Various Taxes
  • Loan-related costs
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood or Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)

At Chris Caggiano - Grand Oaks Funding, LLC, we answer questions about closing costs every day. Give us a call at (718) 477-4405.

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