Closing Costs for Residential Real Estate Transactions
Certain standard costs are associated with closing the sale of a home. Buyers and sellers customarily share these costs, as specified in the real estate sales contract.
Many of the costs associated with buying residential real estate are associated with getting a mortgage loan. At AA Mortgage, we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Very shortly after you submit your application, we will give you the "Good Faith Estimate" of your costs. This cost estimate comes out of the loan officer's past experience. Please note that while our GFEs are very precise, we can't always predict costs to the penny. We answer buyers' questions about these costs every day at AA Mortgage, so please feel free to ask if you have questions.
Below is a generic list of costs for buying residential real estate. We will provide a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing CostsLoan-Related Costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Obtaining Your Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Loan Origination Fee
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance