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 a house. Sellers and buyers almost always negotiate to decide how to split these costs.

As you'll see below, many of the closing costs result from getting your loan. At CFC Mortgage Bankers, we have extensive experience in mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Good Faith Estimate".

Good Faith Estimate (GFE)

Buyers will get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the Good Faith Estimate are estimated based on CFC Mortgage Bankers's experience with mortgage loans, but costs usually change a little bit between the GFE and closing. We answer buyers' questions about closing costs every day at CFC Mortgage Bankers, so please feel free to contact us if you have questions.

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

Standard Closing Costs

Loan-Related Costs

• Interest Payment
• Escrow Account
• Various Taxes
• Costs related to "originating" your loan
• Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
• Appraisal Fee
• Credit Report

Property Taxes

• Transfer Taxes and Recording Fees
• Insurance

Homeowners Insurance

• Private Mortgage Insurance (PMI)
• Title Insurance
• Flood or Earthquake Insurance if applicable

CFC Mortgage Bankers can help you understand closing costs. Give us a call at (805) 432-4898.