Closing Costs for Home Real Estate Transactions
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"Closing Costs" are the fees that cover various services involved when you sell or buy residential real estate. Sellers & buyers usually negotiate to determine who will pay different portions of these closing costs.
Many of the costs associated with buying a house are associated with getting a loan. Since Texas Financial Resource Management, Inc is highly experienced with mortgages and closings, we often explain the details of closing costs.
Good Faith Estimates (GFEs)
Buyers will receive a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. We base this closing cost estimate on our many years of past experience. It's important to note that while our GFEs are very accurate, we cannot always predict costs to the penny. We handle questions about these costs every day at Texas Financial Resource Management, Inc, so please feel free to ask if we can help answer your questions.
Below is a general list of closing costs. We will always provide you with a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Getting YourCredit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Loan-related costs
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Transfer Taxes & Recording Fees
- Title Insurance
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
At Texas Financial Resource Management, Inc, we answer questions about closing costs every day. Call us at (972) 991-6115.