Closing Costs for Residential Real Estate Transactions

Certain standard costs are associated with closing the sale of a home. Sellers and buyers usually split these costs, as specified in the real estate sales contract.

As the list below indicates, many of the closing costs result from getting your mortgage. At Abundance Home Mortgage, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Good Faith Estimate".

The Good Faith Estimate (GFE)

Soon after you submit your application, we'll provide you with the "Good Faith Estimate" of your costs. The closing costs specified in the Good Faith Estimate are estimated based on Abundance Home Mortgage's experience with mortgage loans, but costs often change a little bit between delivery of the GFE and closing. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that can change slightly at the closing table.

Below you'll find a generic list of costs for buying a home. We will always provide you with a specific list of your closing costs when we give you a Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Fee
  • Getting Your Credit Report
  • Up-front Interest Payment
  • Escrow Account
  • Various Taxes
  • Costs related to "originating" your loan
Property Taxes
  • Insurance
  • Transfer Taxes & Recording Fees
Homeowners Insurance
  • Flood or Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

At Abundance Home Mortgage, we answer questions about closing costs every day. Give us a call at (512) 335-7800.

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