Closing Costs for Home Real Estate Transactions
Certain standard costs are associated with closing the sale of a home. Buyers and sellers almost always share these closing costs, as specified in the sales contract.
As indicated below, many of the buyer's closing costs are related to the costs of originating the mortgage loan. Since Baywide Funding Corporation is highly experienced with mortgages and closings, we are closing cost experts.
Good Faith Estimate (Also know as the GFE)
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the GFE are estimated based on our experience with mortgage loans, but costs usually change by small amounts between the GFE and closing. We handle buyers' questions about closing costs every day at Baywide Funding Corporation, so don't hesitate to contact us if you have questions.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Baywide Funding Corporation, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing CostsLoan-Related Costs
- Loan-related costs
- Points — lower your mortgage interest rate (optional)
- Appraisal Fee
- Pulling Your Credit Report
- Up-front Interest Payment
- Escrow Account
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)