Closing Costs for Residential Real Estate Transactions

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"Closing Costs" are the fees which cover the various services involved in the sale of residential real estate. Sellers & buyers almost always negotiate the payment of these costs.

As the list below indicates, many of the costs result from getting your mortgage loan. At Scott Fenner & The Mortgage Team, we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of mortgage-related costs in your "Good Faith Estimate".

Good Faith Estimates (GFEs)

Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. We base this cost estimate on our extensive past experience. It's important to note that while our GFEs are very accurate, we can't always predict your costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that can vary a little bit at the closing table.

We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you have completed your loan application. At Scott Fenner & The Mortgage Team, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Credit Report
  • Up-front Interest Payment
  • Escrow Fees
  • Various Taxes
  • Loan Origination Fee
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Fee
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Quake Insurance if applicable
Scott Fenner & The Mortgage Team can help you understand closing costs. Give us a call at 602-647-2555.