Closing Costs for Home Real Estate Transactions
Every home sale involves certain costs. Sellers and buyers customarily share these closing costs, as the real estate sales contract specifies.
Many of the closing costs associated with buying residential real estate are associated with getting the mortgage. At Hancock Mortgage Partners, LLC NMLS# 229844, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Good Faith Estimate".
The Good Faith Estimate (Also know as the GFE)
Buyers will get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The cost estimate is based on the loan officer's past experience. It's important to note that while our GFEs are very accurate, we cannot always predict costs to the penny. We handle buyers' questions about closing costs every day at Hancock Mortgage Partners, LLC NMLS# 229844, so don't hesitate to ask if you have questions.
Below is a fairly general list of closing costs. We will provide you with a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Loan-related costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
Hancock Mortgage Partners, LLC NMLS# 229844 can help you understand closing costs. Give us a call at 225 819 7670.