Closing Costs for Residential Real Estate Transactions

"Closing Costs" are the fees which pay for various services involved in the sale of a house. Sellers and buyers often negotiate to determine who will pay different portions of these costs.

As you'll see below, many of the buyer's closing costs are related to the costs of getting the loan. Since Abbey Mortgage is highly experienced with mortgages and closings, we are closing cost experts.

Good Faith Estimate (Also know as the GFE)

Soon after you submit your application, we will provide you with the "Good Faith Estimate" of your closing costs. We base this cost estimate on our extensive past experience. Please note that while our GFEs are very precise, we can't always predict costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that can change slightly at closing.

We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, soon after you complete your application. At Abbey Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Interest Payment
  • Escrow Fees
  • Various Taxes
  • Loan-related costs
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood or Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)

Abbey Mortgage can help you understand closing costs. Call us at 352-369-4200.

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