Closing Costs for Residential Real Estate Transactions

Every home sale incurs costs. Buyers and sellers almost always share these costs, as specified in the sales contract.

As indicated below, many of the buyer's closing costs are related to the costs of originating the mortgage loan. Since Milestone Mortgage Corp is highly experienced with mortgages & closings, we can help you understand your closing costs.

Good Faith Estimates (GFEs)

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 GFE are estimated based on our experience with mortgage loans, but costs often vary a little bit between the GFE and closing. We go over GFEs with buyers every day, so we will be happy to answer your questions about closing costs.

Below is a fairly generic list of closing costs. We will always provide a specific list of your closing costs when we give you a Good Faith Estimate.

Standard Closing Costs

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

Milestone Mortgage Corp can help you understand closing costs. Call us at 561-207-8082.

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