How do Closing Costs Work?

Every home sale incurs certain fixed costs. Sellers and buyers customarily share these closing costs, as specified in the real estate sales contract.

As indicated below, many of the closing costs result from getting your loan. Since SelectPlus Lending has extensive experience with mortgages & closings, we are closing cost experts.

Good Faith Estimates (GFEs)

Very soon after you apply for a loan, we will provide you with the "Good Faith Estimate" of your costs. The closing costs enumerated in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs usually vary a little bit between delivery of the Good Faith Estimate (GFE) and closing. We field questions about these costs every day at SelectPlus Lending, so please be sure to contact us if you have questions.

We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed your loan application. At SelectPlus Lending, 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
  • Appraisal Costs
  • Obtaining Your Credit Report
  • Interest Payment
  • Escrow Fees
  • Various Taxes
  • Costs associated with "originating" your loan
  • Points — These are costs you pay up-front to lower your interest rate (optional)
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Flood / Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

SelectPlus Lending can help you understand closing costs. Give us a call at 818-889-7300.

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