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Closing Costs
There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and the seller, as spelled out in the sales contract.
As I negotiate the sales contract for you, I will not only work to get the sales price you want, I will also work to limit the number of closing costs for which you will be responsible.
I will walk you through the closing costs, answering any questions you may have explaining which costs are decreed by law to be yours and which are negotiable.
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 will be glad to review the "Good Faith Estimate," answering questions and highlighting missing costs and estimates I believe to be low.
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Standard Closing Costs
Loan-Related Costs
- Lender Fees
- Points (optional)
- Appraisal Fee
- Credit Report
- Odd days interest (interest on money borrowed before 1st payment)
- Escrow Account (money needed to set it up)
- Attorney Fees (vary from attorney to attorney)
Taxes
- Property Taxes (school, county, and local)
- Transfer Taxes (typically 1% buyer 1% seller in PA)
- Recording Fees (to courthouse)
Insurance
- Homeowners Insurance
- Flood or Quake Insurance (if required)
- Private Mortgage Insurance (PMI)
- Title Insurance (provided by attorney)
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We have some special programs that allow the seller to assist with a portion of the closing costs for a buyer wheither or not they are first time buyers (amount depending on program in some cases up to 6% of the sales price max) combine that with a no money down loan and that gets buyers in their house with as little money out of their pockets as possible.
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