About Closing Costs
"Closing Costs" are the fees which cover the various services involved in the sale of a home. Sellers & buyers almost always negotiate these closing costs.
As indicated below, many of the buyer's costs are related to the costs of originating the loan. Since Chris Caggiano - Grand Oaks Funding, LLC is highly experienced with closings & mortgages, we are closing cost experts.
The Good Faith Estimate (GFE)
Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the GFE 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 the closing table.
We've provided a general list of these costs below, but we'll provide 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
- Escrow Fees
- Various Taxes
- Loan Origination Fee
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance if applicable
Chris Caggiano - Grand Oaks Funding, LLC can help you understand closing costs. Call us at (718) 477-4405.