What are Closing Costs?

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All residential real estate transactions involves certain fixed costs. Sellers and buyers usually share these costs, as the real estate sales contract specifies.

As indicated below, many of the buyer's closing costs cover the costs of getting the loan. Since Mortgage Office of Nevin L. Miller is highly experienced with mortgages & closings, we can help you understand your closing costs.

Good Faith Estimate (Also know as the GFE)

Very shortly after you submit your application, we'll give you a "Good Faith Estimate" of your costs. The cost estimate comes out of our past experience. It's important to note that while our GFEs are very precise, we cannot always estimate your costs to the penny. We handle buyers' questions about closing costs every day at Mortgage Office of Nevin L. Miller, so don't hesitate to ask 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, soon after you have completed your application. At Mortgage Office of Nevin L. Miller, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs

• Loan-related costs
• Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
• Appraisal Costs
• Getting Your Credit Report
• Interest Payment
• Escrow Fees
• Various Taxes

Property Taxes

• Recording Fees and Transfer Taxes
• Insurance

Homeowners Insurance

• Private Mortgage Insurance (PMI)
• Title Insurance
• Flood / Earthquake Insurance if applicable

Mortgage Office of Nevin L. Miller can help you understand closing costs. Give us a call at 415-453-7300.