Closing Costs for Home Real Estate Transactions

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"Closing Costs" are the fees which pay for various services involved in the sale of residential real estate. Sellers and buyers almost always negotiate to decide how to split these closing costs.

As you'll see below, many of the buyer's costs cover the costs of getting the loan. Since Mortgage Team America is highly experienced with closings & mortgages, we can help you understand your closing costs.

Good Faith Estimates (GFEs)

Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the Good Faith Estimate are estimated based on Mortgage Team America's experience with mortgage loans, but costs usually 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 questions and pointing out costs that sometimes change slightly at the closing table.

We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, soon after you complete your loan application. At Mortgage Team America, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Various Taxes
  • Costs related to "originating" your loan
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Costs
  • Getting Your Credit Report
  • Interest Payment
  • Escrow Account
Property Taxes
  • Insurance
  • Recording Fees and Transfer Taxes
Homeowners Insurance
  • Title Insurance
  • Flood / Quake Insurance
  • Private Mortgage Insurance (PMI)
Mortgage Team America can help you understand closing costs. Call us at (949) 837-1559.