What are Closing Costs?

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All residential real estate sales involves fixed costs. Buyers and sellers usually split these closing costs, as specified in the real estate sales contract.

As indicated below, many of the closing costs result from getting your mortgage. At Mason McDuffie Mortgage, we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Good Faith Estimate".

Good Faith Estimates (GFEs)

Soon after you submit your application, we'll provide you with a "Good Faith Estimate" of your closing costs. The closing costs specified in the Good Faith Estimate are estimated based on Mason McDuffie Mortgage's experience with mortgage loans, but costs often change a little bit between delivery of the Good Faith Estimate (GFE) and closing. We will be glad to review the "Good Faith Estimate," answering your questions and highlighting costs that sometimes vary a little bit at closing.

Below is a generic list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we give you a Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs

• Taxes
• Costs related to "originating" your loan
• Points — A fee paid to lower your interest rate (optional)
• Appraisal Costs
• Getting Your Credit Report
• Interest Payment
• Escrow Account

Property Taxes

• Recording Fees and Transfer Taxes
• Insurance

Homeowners Insurance

• Flood or Earthquake Insurance
• Private Mortgage Insurance (PMI)
• Title Insurance

Mason McDuffie Mortgage can answer questions about these closing costs. Give us a call: (925) 271-7387.