Who REALLY understands Closings Costs anyway?!
Understanding Closing Costs
There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and seller, as spelled out in the purchase contract. The cost split on these fees is, to an extent, negotiable. As I negotiate the purchase contract on your behalf, I will strive to achieve not only the selling price that you want, but to also limit the number and amount of closing costs for which you are responsible.
Good Faith Estimate
Buyers will receive a “Good Faith Estimate” of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer’s past experience and may not include all the closing costs. I am happy to review the Good Faith Estimate and provide comment based on my experience.
Standard Closing Costs
Loan-Related Costs:
- Loan origination fee
- Points (if applicable)
- Appraisal fee
- Credit report
- Interest payment
- Escrow fee
Tax-Related Costs:
- Prorated property taxes
- Transfer taxes
- Recording fees
Insurance-Related Costs:
- Homeowners insurance
- Flood insurance
- Private mortgage insurance (“PMI”)
- Title insurance
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KRISTENPELL
Realtor® | SWFL Region
Treeline Realty Corp.
239.292.9404 (c) | 239.989.0138 (f)
www.kristenpell.com<–Search the MLS for FREE!
“Buy or Sell…Think Pell!” ™
Posted on October 11, 2012, in Real Estate and tagged Appraisal Fee, Buy a Home, Buyer, Closing, Closing Costs, Credit Report, Escrow Fee, Flood Insurance, Fort Myers, Good Faith Estimate, Homeowners Insurance, Interest Payment, Kristen Pell, Lender, Loan Origination Fee, PMI, Points, Private Mortgage Insurance, Property Guiding, Real Estate Biz, Real Estate Financing, Realtor, Recording Fees, SWFL Real Estate, Tax Proration, Title Insurance, Transfer Taxes. Bookmark the permalink. Leave a comment.
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