All residential real estate sales involves costs. Buyers and sellers customarily share these costs, as the real estate sales contract specifies.
As you'll see below, many of the costs result from getting your loan. At Commonwealth Mortgage & Investments, Inc., we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Good Faith Estimate".
The Good Faith Estimate (Also know as the GFE)
Soon after you apply for a loan, we will provide you with the "Good Faith Estimate" of your costs. The closing costs specified in the GFE are estimated based on Commonwealth Mortgage & Investments, Inc.'s experience with mortgage loans, but costs often change by small amounts between delivery of the GFE and closing. We answer questions about these costs every day at Commonwealth Mortgage & Investments, Inc., so please feel free to contact us if we can help answer your questions.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you have completed your application. At Commonwealth Mortgage & Investments, Inc., we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing CostsLoan-Related Costs
- Obtaining YourCredit Report
- Up-front Interest Payment
- Escrow Fees
- Loan Origination Fee
- Points — lower your interest rate (optional)
- Appraisal Fee
- Transfer Taxes & Recording Fees
- Title Insurance
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)