"Closing Costs" are the fees that pay for the various services involved when you sell or buy residential real estate. Buyers & sellers usually negotiate the payment of these closing costs.
As the list below indicates, many of the closing costs result from getting your mortgage. Since SelectPlus Lending has extensive experience with closings & mortgages, we are closing cost experts.
Buyers will receive a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the GFE are estimated based on SelectPlus Lending's experience with mortgage loans, but costs usually change a little bit between delivery of the Good Faith Estimate (GFE) and closing. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that sometimes vary a little bit at closing.
Below is a fairly general list of closing costs. We will always provide you with a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
Appraisal Costs Credit Report Interest Payment Escrow Account TaxesCosts associated with "originating" your loan Points — A fee paid to lower your mortgage interest rate (optional)
Recording Fees & Transfer Taxes Insurance
Title Insurance Flood / Earthquake Insurance Private Mortgage Insurance (PMI)
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