What are Closing Costs?
There are certain standard costs associated with closing the sale of a house. Buyers and sellers usually share these closing costs, as the sales contract specifies.
Many of the closing costs associated with buying a home are associated with getting the mortgage. At Chris Caggiano - Grand Oaks Funding, LLC, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this cost estimate on our extensive past experience. Please note that while our LEs are very accurate, we can't always predict costs to the penny. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that can change slightly at closing.
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 have completed 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
- Obtaining YourCredit Report
- Up-front Interest Payment
- Escrow Account
- Loan-related costs
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
Chris Caggiano - Grand Oaks Funding, LLC can help you understand closing costs. Call us at (718) 477-4405.