Closing Costs for Home Real Estate Transactions
"Closing Costs" are the fees that cover various services involved when you sell or buy residential real estate. Buyers and sellers almost always negotiate the payment of these closing costs.
As you'll see below, many of the costs result from getting your mortgage loan. At Chris Caggiano - Grand Oaks Funding, LLC, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Loan Estimate".
The Loan Estimate (LE)
Soon after you apply for a loan, we'll give you the "Loan Estimate" of your costs. The closing costs spelled out in the Loan Estimate are estimated based on Chris Caggiano - Grand Oaks Funding, LLC's experience with mortgage loans, but costs often vary by small amounts between delivery of the Loan Estimate (LE) and closing. We explain Loan Estimates with buyers every day, so we'd be glad to answer any questions you have about closing costs.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, very 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
- Loan Origination Fee
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Account
- Recording Fees and Transfer Taxes
- 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. Call us at (718) 477-4405.