Closing Costs for Residential Real Estate Transactions
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Every home sale incurs costs. Sellers and buyers almost always split these closing costs, as specified in the real estate sales contract.
Many of the costs associated with buying residential real estate are associated with getting the mortgage. Since USA Mortgage has extensive experience with closings & mortgages, we can help you understand your closing costs.
Good Faith Estimates (GFEs)
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. This cost estimate is based on our past experience. Please note that while our GFEs are very precise, we cannot always predict costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that sometimes vary a little bit at the closing table.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you complete your loan application. At USA Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Escrow Account
- Various Taxes
- Loan Origination Fee
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Getting Your Credit Report
- Interest Payment
- Transfer Taxes & Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance
USA Mortgage can help you understand closing costs. Call us: (314) 628-2218.