What are Closing Costs?
"Closing Costs" are the fees that cover the various services involved when you sell or buy residential real estate. Sellers and buyers negotiate to decide how to share these costs.
As you'll see below, many of the buyer's costs are related to the costs of getting the mortgage loan. At C2 Financial Corporation, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your "Good Faith Estimate".
Good Faith Estimate (Also know as the GFE)
Soon after you submit your application, we will provide you with a "Good Faith Estimate" of your costs. This 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 costs to the penny. We answer buyers' questions about these costs every day at C2 Financial Corporation, so please be sure to ask if you have questions.
Below you'll find a fairly general list of costs for buying residential real estate. We will provide 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 Fee
- Pulling Your Credit Report
- Interest Payment
- Escrow Account
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance
C2 Financial Corporation can answer questions about these closing costs. Call us: (727) 478-2797.
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