Certain standard costs are associated with closing the sale of a house. Sellers and buyers almost always split these closing costs, as the sales contract specifies.
Many of the closing costs associated with buying residential real estate are associated with getting a mortgage loan. Since Milestone Mortgage dba TMC has extensive experience with closings & mortgages, we are closing cost experts.
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the Good Faith Estimate are estimated based on Milestone Mortgage dba TMC's experience with mortgage loans, but costs usually vary by small amounts between the Good Faith Estimate (GFE) and closing. We go over GFEs with buyers almost every day, so we'd be glad to answer the you have about closing costs.
Below is a generic list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
Loan-related costs Points — A fee paid to lower your interest rate (optional) Appraisal Costs Credit Report Interest Payment Escrow Account Taxes
Recording Fees and Transfer Taxes Insurance
Title Insurance Flood or Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI)
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