Understanding Closing Costs

There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and seller, as spelled out in the purchase contract. The cost split on these fees is, to an extent, negotiable. As I negotiate the purchase contract on your behalf, I will strive to achieve not only the selling price that you want, but to also limit the number and amount of closing costs for which you are responsible.

Good Faith Estimate

Buyers will receive a “Good Faith Estimate” of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer’s past experience and may not include all the closing costs. I am happy to review the Good Faith Estimate and provide comment based on my experience.

Standard Closing Costs


Loan-Related Costs:

  • Loan origination fee
  • Points (if applicable)
  • Appraisal fee
  • Credit report
  • Interest payment
  • Escrow fee.

Tax-Related Costs:

  • Prorated property taxes
  • Transfer taxes
  • Recording fees.

Insurance-Related Costs:

  • Homeowners insurance
  • Flood or earthquake insurance
  • Private mortgage insurance (“PMI”)
  • Title insurance.

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