Closing Costs for Home Real Estate Transactions

"Closing Costs" are the fees which pay for various services involved in the sale of a house. Sellers and buyers almost always negotiate to decide how to share these costs.

Many of the closing costs associated with buying a home are associated with getting a mortgage. At Moonstar Mortgage, we have extensive experience in mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Good Faith Estimate".

Good Faith Estimate (Also know as the GFE)

Soon after you apply for a loan, we will give you a "Good Faith Estimate" of your costs. The closing cost estimate comes out of the loan officer's past experience. It's important to note that while our GFEs are very precise, we can't always predict your costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and highlighting costs that sometimes change slightly at the closing table.

Below you'll find a fairly generic list of closing costs. We will provide a specific list of your closing costs when we deliver your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Credit Report
  • Up-front Interest Payment
  • Escrow Account
  • Various Taxes
  • Loan-related costs
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Costs
Property Taxes
  • Recording Fees and Transfer Taxes
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood / Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)

Moonstar Mortgage can help you understand closing costs. Give us a call: 847-278-7220.

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