About Closing Costs

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All residential real estate sales incurs certain costs. Sellers and buyers customarily split these closing costs, as the sales contract specifies.

Many of the closing costs associated with buying residential real estate are associated with getting the mortgage loan. At Residential Mortgage Corp, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of closing costs related to your mortgage in your "Good Faith Estimate".

The Good Faith Estimate (GFE)

Very shortly after you apply for a loan, we will give you a "Good Faith Estimate" of your costs. The closing costs enumerated in the Good Faith Estimate are estimated based on Residential Mortgage Corp's experience with mortgage loans, but costs often vary a little bit between delivery of the Good Faith Estimate (GFE) and closing. We explain GFEs with buyers almost every day, so we will be happy to answer any questions you have about closing costs.

Below is a fairly general list of closing costs. We will always provide you with a specific list of your closing costs when we provide your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Various Taxes
  • Loan Origination Fee
  • Points — lower your interest rate (optional)
  • Appraisal Fee
  • Pulling Your Credit Report
  • Up-front Interest Payment
  • Escrow Account
Property Taxes
  • Insurance
  • Transfer Taxes and Recording Fees
Homeowners Insurance
  • Flood / Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance
Residential Mortgage Corp can help you understand closing costs. Give us a call at (301) 773-9811.

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