What are Closing Costs?

Certain standard costs are related to closing the sale of a home. Sellers and buyers customarily split these costs, as the sales contract specifies.

As the list below indicates, many of the costs result from getting your loan. Since Smith-Craine Real Estate Financing has extensive experience with mortgages & closings, we often explain the details of closing costs.

Good Faith Estimates (GFEs)

Soon after you submit your application, we will provide you with the "Good Faith Estimate" of your costs. This closing cost estimate comes out of our past experience. It's important to note that while our GFEs are very accurate, we can't always predict costs to the penny. We handle buyers' questions about these costs every day at Smith-Craine Real Estate Financing, so please be sure to contact us if you have questions.

Below you'll find a general list of costs for buying a home. We will provide a specific list of your closing costs when we deliver your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Escrow Fees
  • Taxes
  • Loan Origination Fee
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Fee
  • Pulling Your Credit Report
  • Up-front Interest Payment
Property Taxes
  • Insurance
  • Transfer Taxes and Recording Fees
Homeowners Insurance
  • Flood / Quake Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance

At Smith-Craine Real Estate Financing, we answer questions about closing costs every day. Call us at (415) 406-2330.