Closing Costs for Home Real Estate Transactions

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"Closing Costs" are the fees which pay for the various services involved when you sell or buy a home. Sellers and buyers usually negotiate to decide how to share these closing costs.

As you'll see below, many of the buyer's closing costs cover the costs of getting the loan. At AmeriFirst, we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Good Faith Estimate".

Good Faith Estimate (Also know as the GFE)

Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The cost estimate comes out of the loan officer's past experience. It's important to note that while our GFEs are very precise, we cannot always predict your closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that can vary a little bit at closing.

Below you'll find a generic 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

• Points — lower your interest rate (optional)
• Appraisal Fee
• Credit Report
• Interest Payment
• Escrow Fees
• Taxes
• Costs associated with "originating" your loan

Property Taxes

• Insurance
• Transfer Taxes & Recording Fees

Homeowners Insurance

• Private Mortgage Insurance (PMI)
• Title Insurance
• Flood or Quake Insurance

At AmeriFirst, we answer questions about closing costs every day. Give us a call at (219) 947-0001.