What are Closing Costs?

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All residential real estate sales incurs costs. Sellers and buyers customarily share these costs, as specified in the real estate sales contract.

As you'll see below, many of the buyer's closing costs are related to the costs of getting the mortgage loan. Since Southwest Funding has extensive experience with mortgages and closings, we are closing cost experts.

Good Faith Estimates (GFEs)

Buyers will get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs often change by small amounts between the GFE and closing. We explain Good Faith Estimates with buyers every day, so we'd be glad to answer the you have about closing costs.

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

Standard Closing Costs

Loan-Related Costs
  • Points — lower your interest rate (optional)
  • Appraisal Fee
  • Pulling Your Credit Report
  • Up-front Interest Payment
  • Escrow Fees
  • Taxes
  • Loan Origination Fee
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Flood / Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance
Southwest Funding can answer questions about these closing costs. Give us a call at (504) 832-3131.

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