What are Closing Costs?
All residential real estate sales incurs costs. Buyers and sellers almost always share these closing costs, as the sales contract specifies.
Many of the costs associated with buying residential real estate are associated with getting a mortgage. At Baywide Funding Corporation, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Soon after you submit your application, we'll give you a "Good Faith Estimate" of your closing costs. The closing costs enumerated in the GFE are estimated based on Baywide Funding Corporation's experience with mortgage loans, but costs often vary a little bit between delivery of the GFE and closing. We explain Good Faith Estimates with buyers almost every day, so we will be happy to answer your questions about closing costs.
Below is a fairly general list of closing costs. We will always provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing CostsLoan-Related Costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Loan Origination Fee
- Transfer Taxes & Recording Fees
- Title Insurance
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)