What are Closing Costs?
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Every home sale involves costs. Buyers and sellers almost always split these costs, as specified in the real estate sales contract.
As indicated below, many of the buyer's closing costs cover the costs of originating the loan. At TriStone Financial LLC, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Good Faith Estimate".
The Good Faith Estimate (GFE)
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing cost estimate is based on the loan officer's past experience. It's important to note that while our GFEs are very precise, we cannot always estimate your costs to the penny. We explain GFEs with buyers every day, so we will be happy to answer your questions about closing costs.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, soon after you complete your application. At TriStone Financial LLC, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Escrow Account
- Various Taxes
- Costs associated with "originating" your loan
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
TriStone Financial LLC can answer questions about these closing costs. Call us at (678) 336-5200.