About Closing Costs
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"Closing Costs" are the fees that pay for various services involved when you sell or buy a house. Buyers and sellers often negotiate to decide how to split these costs.
Many of the closing costs associated with buying residential real estate are associated with getting the mortgage loan. At Sierra View Financial Corp, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimate (GFE)
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs usually vary by small amounts between delivery of the Good Faith Estimate (GFE) and closing. We review GFEs with buyers almost every day, so we are happy to answer your questions about closing costs.
Below is a fairly generic list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Various Taxes
- Loan-related costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Obtaining Your Credit Report
- Interest Payment
- Escrow Account
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance
At Sierra View Financial Corp, we answer questions about closing costs every day. Give us a call: 916-989-6222.