Closing Costs for Home Real Estate Transactions
Wisdom Financial, Inc. can answer questions about these closing costs. Call us: 708.499.6088.
Certain standard costs are related to closing the sale of a home. Buyers customarily incur these costs, as specified in the sales contract, however, depending on State law the seller will have to cover some of the closing costs.
"Closing Costs" are the fees which pay for the various services involved when you sell or buy residential real estate. These fees are either paid directly or indirectly by crediting the loan.
As indicated below, many of the buyer's costs cover the costs of originating the mortgage loan. At Wisdom Financial, Inc., we have extensive experience in mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your estimate.
Obtaining The Loan Estimate
Buyers will receive a Loan Estimate three days from when the loan application is submitted to the lender. The Loan Estimate details information like insurance and taxes, closing costs, monthly payments and more. This estimate is not an approval, but it's the first step toward obtaining your loan.
We explain estimates with buyers almost every day, so we'd be glad to answer any questions you have about closing costs.
Below you'll find a generic list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we give you an estimate.
Standard Closing Costs
- Escrow Account
- 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
- Up-front Interest Payment
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance
Searching for mortgage advice? We can assist you! Give us a call today at 708.499.6088. Ready to begin? Apply Online Now