Closing Costs for Residential Real Estate Transactions

"Closing Costs" are the fees that pay for various services involved when you sell or buy a home. Sellers and buyers negotiate the payment of these costs.

As you'll see below, many of the buyer's costs are related to the costs of getting the loan. Since SelectPlus Lending is highly experienced with closings & mortgages, we are closing cost experts.

Good Faith Estimates (GFEs)

Very soon after you apply for a loan, we'll give you a "Good Faith Estimate" of your costs. The closing cost estimate comes out of our past experience. It's important to note that while our GFEs are very precise, we can't always estimate your closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that sometimes change slightly at closing.

Below you'll find a general list of costs for buying residential real estate. 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
  • Up-front Interest Payment
  • Escrow Account
  • Various Taxes
  • Costs related to "originating" your loan
  • Points — lower your interest rate (optional)
  • Appraisal Fee
  • Credit Report
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Flood / Quake Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance

At SelectPlus Lending, we answer questions about closing costs every day. Give us a call: 844-773-1401.

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