Closing Costs for Home Real Estate Transactions

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There are certain standard costs associated with closing the sale of a home. Buyers and sellers customarily share these costs, as the real estate sales contract specifies.

Many of the costs associated with buying a home are associated with getting the mortgage. Since Jeff White Lending has extensive experience with mortgages and closings, we often explain the details of closing costs.

The Good Faith Estimate (Also know as the GFE)

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

We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, soon after you complete your loan application. At Jeff White Lending, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs

• Various Taxes
• Loan-related costs
• Points — These are costs you pay up-front to lower your interest rate (optional)
• Appraisal Fee
• Pulling Your Credit Report
• Interest Payment
• Escrow Account

Property Taxes

• Insurance
• Recording Fees & Transfer Taxes

Homeowners Insurance

• Private Mortgage Insurance (PMI)
• Title Insurance
• Flood / Earthquake Insurance

Jeff White Lending can help you understand closing costs. Give us a call: (972) 292-0448.