Closing Costs for Home Real Estate Transactions

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Certain standard costs are associated with closing the sale of a house. Sellers and buyers almost always split these costs, as the real estate sales contract specifies.

As you'll see below, many of the buyer's costs are related to the costs of originating the mortgage loan. At Diamond Mortgage Company, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs in your "Good Faith Estimate".

Good Faith Estimates (GFEs)

Very shortly after you submit your application, we will provide you with a "Good Faith Estimate" of your costs. The closing cost estimate comes out of the loan officer's past experience. Please note that while our GFEs are very precise, we cannot always predict costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that sometimes change slightly at the closing table.

Below is a fairly generic list of costs for buying residential real estate. We will provide a specific list of your closing costs when we provide your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs

• Taxes
• Loan-related costs
• Points — lower your interest rate (optional)
• Appraisal Costs
• Pulling Your Credit Report
• Up-front Interest Payment
• Escrow Fees

Property Taxes

• Insurance
• Transfer Taxes & Recording Fees

Homeowners Insurance

• Flood / Quake Insurance if applicable
• Private Mortgage Insurance (PMI)
• Title Insurance

Diamond Mortgage Company can help you understand closing costs. Give us a call at (215) 661-9570.