Closing Costs for Residential Real Estate Transactions

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"Closing Costs" are the fees which pay for various services involved in the sale of a home. Buyers and sellers usually negotiate to decide how to share these costs.

As indicated below, many of the buyer's closing costs are related to the costs of originating the loan. At Christensen Financial, Inc., we have extensive experience in mortgage lending, so we can compile a comprehensive report on 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 costs specified in the GFE are estimated based on Christensen Financial, Inc.'s experience with mortgage loans, but costs usually vary a little bit between delivery of the Good Faith Estimate (GFE) and closing. We go over GFEs with buyers almost every day, so we are happy to answer your questions about closing costs.

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

Standard Closing Costs

Loan-Related Costs

• Points — A fee paid to lower your mortgage interest rate (optional)
• Appraisal Costs
• Getting Your Credit Report
• Interest Payment
• Escrow Account
• Various Taxes
• Loan-related costs

Property Taxes

• Insurance
• Transfer Taxes & Recording Fees

Homeowners Insurance

• Title Insurance
• Flood / Quake Insurance
• Private Mortgage Insurance (PMI)

At Christensen Financial, Inc., we answer questions about closing costs every day. Call us at 1-866-274-5626 (loan).