Closing Costs for Residential Real Estate Transactions

"Closing Costs" are the fees which cover various services involved when you sell or buy a home. Buyers & sellers negotiate to determine who will pay different portions of these costs.

As indicated below, many of the buyer's costs cover the costs of getting the loan. At Abundance Home Mortgage, we are highly experienced in mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Good Faith Estimate".

The Good Faith Estimate (GFE)

Very soon after you submit your application, we'll provide you with the "Good Faith Estimate" of your closing costs. The closing costs spelled out in the GFE are estimated based on our experience with mortgage loans, but costs often vary by small amounts between delivery of the GFE and closing. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that can change slightly at the closing table.

We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, soon after you have completed your application. At Abundance Home Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

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

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

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