Closing Costs for Home Real Estate Transactions
All residential real estate sales incurs certain fixed costs. Buyers and sellers usually share these closing costs, as the real estate sales contract specifies.
Many of the costs associated with buying residential real estate are associated with getting a loan. Since MGM Mortgage Inc. has extensive experience with closings and mortgages, we are closing cost experts.
Good Faith Estimates (GFEs)
Very shortly after you submit your application, we will give you a "Good Faith Estimate" of your closing costs. This cost estimate comes out of our past experience. Please note that while our GFEs are very accurate, we can't always estimate closing costs to the penny. We answer buyers' questions about closing costs every day at MGM Mortgage Inc., so please be sure to contact us if you have questions.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you complete your loan application. At MGM Mortgage Inc., we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Loan-related costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood or Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
MGM Mortgage Inc. can help you understand closing costs. Call us: 800-555-6144.