Closing Costs

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"Closing Costs" are the fees that cover various services involved when you sell or buy residential real estate. Sellers & buyers almost always negotiate the payment of these costs.

As you'll see below, many of the buyer's costs cover the costs of getting the loan. At Steve Whittaker, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Good Faith Estimate".

Good Faith Estimates (GFEs)

Buyers get 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 Steve Whittaker's experience with mortgage loans, but costs usually vary by small amounts between delivery of the GFE and closing. We go over Good Faith Estimates with buyers almost every day, so we will be happy to answer any questions you have about closing costs.

Below you'll find a fairly general list of costs for buying a home. We will provide you with a specific list of your closing costs when we give you a Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs

• Escrow Fees
• Taxes
• Loan Origination Fee
• Points — These are costs you pay up-front to lower your interest rate (optional)
• Appraisal Costs
• Pulling Your Credit Report
• Interest Payment

Property Taxes

• Recording Fees & Transfer Taxes
• Insurance

Homeowners Insurance

• Flood / Quake Insurance if applicable
• Private Mortgage Insurance (PMI)
• Title Insurance

At Steve Whittaker, we answer questions about closing costs every day. Give us a call at 8007903317.