Closing Costs for Residential Real Estate Transactions
Every home sale incurs costs. Sellers and buyers almost always share 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 BeneGroup, Inc., we have extensive experience in mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the Loan Estimate are estimated based on BeneGroup, Inc.'s experience with mortgage loans, but costs usually vary a little bit between the Loan Estimate (LE) and closing. We answer buyers' questions about closing costs every day at BeneGroup, Inc., so please feel free to ask if we can help answer your questions.
Below is a fairly generic list of costs for buying a home. We will always provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Various Taxes
- Loan Origination Fee
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Pulling Your Credit Report
- Interest Payment
- Escrow Fees
Property Taxes
- Transfer Taxes and Recording Fees
- Insurance
Homeowners Insurance
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
At BeneGroup, Inc., we answer questions about closing costs every day. Give us a call at 4083956018.