Closing Costs for Residential Real Estate Transactions

Certain standard costs are associated with closing the sale of a home. Sellers and buyers customarily share these costs, as specified in the real estate sales contract.

As you'll see below, many of the buyer's costs are related to the costs of getting the loan. At The Reen Team at Direct Mortgage Funding, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Loan Estimate".

Loan Estimates (LEs)

Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing cost estimate is based on our past experience. It's important to note that while our LEs are very precise, we cannot always predict your closing costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that can vary a little bit at the closing table.

Below you'll find a fairly general list of costs for buying a home. We will provide you with a specific list of your closing costs when we deliver your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Escrow Fees
  • Various Taxes
  • Loan Origination Fee
  • Points — lower your interest rate (optional)
  • Appraisal Costs
  • Pulling Your Credit Report
  • Up-front Interest Payment
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Earthquake Insurance

At The Reen Team at Direct Mortgage Funding, we answer questions about closing costs every day. Give us a call: 4086261879.

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