Closing Costs

There are certain standard costs associated with closing the sale of a house. These costs are spelled out on the Buy/Sell Agreement.

Buyers should be prequalified, better yet, preapproved, by a lender prior to beginning to look for a home. (See my suggested lender list and give one of these people a call.) This gives them a good idea of how much home they can afford and makes any offer presented stronger. And, Buyers should then get a "Good Faith Estimate" from a lender which will itemize their closing costs. The reason the Good Faith Estimate is important to have early on, even before an offer is written, is it will give the Buyer an idea of what the closing costs will be and also, what an estimated mortgage payment will be. The "estimate" of costs should include the below figures. Once an offer is accepted, the lender should then complete the Good Faith Estimate based on actual numbers.

Standard Closing Costs

Loan-Related Costs

  • Loan Origination Fee
  • Points (optional)
  • Appraisal Fee
  • Credit Report
  • Interest Payment
  • Escrow Account


  • Property Taxes
  • Transfer Taxes and Recording Fees


  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Homeowners Insurance
  • Flood Insurance

Title Company

  • Closing Fee

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