About Closing Costs
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There are certain standard costs related to closing the sale of a home. Buyers and sellers usually split these costs, as specified in the sales contract.
Many of the costs associated with buying a house are associated with getting the loan. Since The Ross Fund is highly experienced with closings and mortgages, we can help you understand your closing costs.
Good Faith Estimate (Also know as the GFE)
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the GFE are estimated based on The Ross Fund's experience with mortgage loans, but costs often vary by small amounts between the GFE and closing. We will be glad to review the "Good Faith Estimate," answering your questions and highlighting costs that can change slightly at closing.
Below you'll find a fairly generic 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
- Appraisal Costs
- Obtaining Your Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Loan Origination Fee
- Points — lower your interest rate (optional)
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance
The Ross Fund can help you understand closing costs. Call us: (949) 533-5311.
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