Closing Costs for Home Real Estate Transactions

Every home sale involves fixed costs. Sellers and buyers customarily share these closing costs, as the sales contract specifies.

Many of the closing costs associated with buying a home are associated with getting the loan. At Abbey Mortgage, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Good Faith Estimate".

Good Faith Estimate (GFE)

Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The cost estimate is based on the loan officer's past experience. It's important to note that while our GFEs are very accurate, we can't always predict closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and highlighting costs that sometimes change slightly at closing.

Below is a fairly generic list of closing costs. We will provide you with a specific list of your closing costs when we provide your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Up-front Interest Payment
  • Escrow Account
  • Taxes
  • Costs related to "originating" your loan
  • Points — lower your interest rate (optional)
  • Appraisal Costs
  • Credit Report
Property Taxes
  • Insurance
  • Recording Fees & Transfer Taxes
Homeowners Insurance
  • Title Insurance
  • Flood or Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)

Abbey Mortgage can answer questions about these closing costs. Call us at 352-369-4200.

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