Don't Forget Closing Costs
Best Capital Funding can help you understand closing costs. Call us at 909-358-4090.
All residential real estate sales involves certain fixed costs. Buyers usually pay these closing costs, as the sales contract specifies, however, depending on State law the seller may be required to pay a portion of the closing costs.
"Closing Costs" are the fees that pay for various services involved when you sell or buy residential real estate. These fees are either paid out of pocket or indirectly by increasing the loan amount or charging a higher interest rate.
As indicated below, many of the buyer's costs cover the costs of originating the loan. At Best Capital Funding, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your estimate.
Obtaining The Loan Estimate
Buyers will receive a Loan Estimate by three days from when the loan application is submitted to the lender. The Loan Estimate details information like insurance and taxes, closing costs, monthly payments and more. Getting an estimate doesn't mean you've been approved, but it's the first step toward obtaining your loan.
We answer questions about these costs every day at Best Capital Funding, so please be sure to contact us if you have questions.
Below you'll find a fairly generic list of costs for buying a home. We will always provide you with a specific list of your closing costs when we give you an estimate.
Standard Closing Costs
- Appraisal Costs
- Obtaining Your Credit Report
- Interest Payment
- Escrow Account
- Costs associated with "originating" your loan
- Points — lower your mortgage interest rate (optional)
- Transfer Taxes & Recording Fees
- Title Insurance
- Flood or Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
Searching for mortgage advice? We can help! Call us at 909-358-4090. Want to get started? Apply Online Now