Closing Costs for Residential Real Estate Transactions

"Closing Costs" are the fees which pay for the various services involved in the sale of residential real estate. Sellers & buyers almost always negotiate to decide how to split these costs.

As you'll see below, many of the buyer's costs cover the costs of getting the mortgage loan. At Tenby J. Dahman The Dahman Team , we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Loan Estimate".

Loan Estimate (LE)

Very shortly after you apply for a loan, we will give you a "Loan Estimate" of your costs. We base this cost estimate on our many years of past experience. It's important to note that while our LEs are very accurate, we cannot always estimate closing costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can change slightly at the closing table.

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

Standard Closing Costs

Loan-Related Costs

• Taxes
• Costs associated with "originating" your loan
• Points — These are costs you pay up-front to lower your interest rate (optional)
• Appraisal Costs
• Obtaining Your Credit Report
• Interest Payment
• Escrow Account

Property Taxes

• Insurance
• Transfer Taxes & Recording Fees

Homeowners Insurance

• Title Insurance
• Flood or Quake Insurance
• Private Mortgage Insurance (PMI)

Tenby J. Dahman The Dahman Team can help you understand closing costs. Call us: 3038627760.