What are Closing Costs?
There are certain standard costs associated with closing the sale of a home. Sellers and buyers usually share these costs, as the real estate sales contract specifies.
As you'll see below, many of the closing costs result from getting your mortgage loan. Since Chris Caggiano - Grand Oaks Funding, LLC has extensive experience with mortgages and closings, we can help you understand your closing costs.
Loan Estimates (LEs)
Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this closing cost estimate on our extensive past experience. It's important to note that while our LEs are very accurate, we cannot always predict your closing costs to the penny. We go over LEs with buyers almost every day, so we will be happy to answer the you have about closing costs.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you complete your loan 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
- Various Taxes
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Recording Fees and Transfer Taxes
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Chris Caggiano - Grand Oaks Funding, LLC can help you understand closing costs. Call us: (718) 477-4405.