What are Closing Costs?

All residential real estate transactions involves certain fixed costs. Sellers and buyers almost always split these costs, as the real estate sales contract specifies.

As indicated below, many of the buyer's closing costs cover the costs of originating the mortgage loan. At Chris Caggiano - Grand Oaks Funding, LLC, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related costs in your "Good Faith Estimate".

The Good Faith Estimate (Also know as the GFE)

Buyers will receive a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the GFE are estimated based on Chris Caggiano - Grand Oaks Funding, LLC's experience with mortgage loans, but costs usually vary a little bit between delivery of the GFE and closing. We will be glad to review the "Good Faith Estimate," answering your questions and highlighting costs that can change slightly at the closing table.

We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, very soon after you have completed your loan 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

Loan-Related Costs
  • Appraisal Costs
  • Credit Report
  • Interest Payment
  • Escrow Account
  • Various Taxes
  • Loan-related costs
  • Points — A fee paid to lower your interest rate (optional)
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood or Earthquake Insurance
  • 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.

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