Closing Costs

There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and the seller, as spelled out in the sales contract.

As your realtor negotiates the sales contract for you, they will not only work to get the sales price you want, they will also work to limit the number of closing costs for which you will be responsible.  If you wish they can, at times, negotiate for the seller to pay everything.  This combined with 100% financing can get you in your new home with almost no money from you.

Most programs allow the seller to pay 3-6% of the sales price towards your closing costs.  Typically this would include items such as your hazard insurance.  Technically speaking this is a pre-paid; however, it can also be referred to as closing costs.

Good Faith Estimate

Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience and may not include all the closing costs. I will be glad to review the "Good Faith Estimate," answering questions and highlighting missing costs and estimates I believe to be low.

 More Useful Information:

• Closing Costs- Insurance
• Closing Costs- Loans
• Tax Closing Costs
• Financing Closing Costs

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