Good Faith Estimate: Common Costs When Closing a Home Sale
Interested in more details on this topic? Click here!
Closing on your home is a huge step in the home-buying process. It’s when you officially get the title for your new house. It’s important to keep in mind that there are several costs when closing a home sale.
On closing day, you’ll be expected to pay all of the costs and fees associated with this process. The overall amount shouldn’t come as a surprise to you though, since your lender is required to give you a Good Faith Estimate (GFE) that contains the estimated amount of the closing costs. These costs include the following:
• Lender fees: These cover the cost of processing your home loan, the points, or percentage of the loan, you owe at closing time, the appraisal of your new home, the cost of running a credit report and interest payments.
• Escrow fees: These refer to the money that’s held in a special account to cover expenses like insurance and property taxes.
Want instant access to great articles like this for your blog or newsletter? Check out our 30-day FREE trial of REsource
Licensed Real Estate Content Solutions. Need easy stay-in-touch e-Marketing solutions too? Try Pop-a-Note for 99 cents!
Join RISMedia on Twitter
to connect with us and share your thoughts on this and other topics.
Copyright© 2014 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com