Closing Costs for Residential Real Estate Transactions
Blue Sky Funding, LLC can help you understand closing costs. Give us a call at 817-616-3651.
Certain standard costs are associated with closing the sale of a house. Buyers usually pay these costs, as specified in the real estate sales contract, however, depending on State law the seller will have to cover a portion of the closing costs.
"Closing Costs" are the fees that pay for the various services involved in the sale of a home. These fees are either paid directly or indirectly by crediting the loan.
As the list below indicates, many of the costs result from getting your mortgage loan. At Blue Sky Funding, LLC, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your estimate.
Getting The Loan Estimate
Three days after you submit your application, we'll provide you with a Loan Estimate. The Loan Estimate gives you information like estimated interest rates, payments and fees, closing costs and more. This estimate is not an approval, but it's the first step toward getting your loan.
We handle questions about these costs every day at Blue Sky Funding, LLC, so please feel free to ask if we can help answer your questions.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed your loan application. At Blue Sky Funding, LLC, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Interest Payment
- Escrow Account
- Loan-related costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Transfer Taxes & Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance
In the market for a new mortgage loan? We can help! Call us at 817-616-3651. Ready to get started? Apply Online Now