Closing Costs

There are certain standard costs associated with closing the sale of a house.

These fees are split between the buyer and the seller, as spelled out in the sales contract.

Some closing costs are negotiated in the sales contract for you,  so it is imperative that your lender and real estate agent work together.  Lenders will generally allow for the seller to pay between 3% to 6% of the sales price of the home towards the buyers closing costs.  The percentage of allowed closing costs are determined by the guidelines of the loan for which you qualify. 

Good Faith Estimate

Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on my past experience, but it is exactly what it says it is - an estimate.  There are several factors out of the loan officer's control that contribute to closing costs, two of them being taxes and insurance. I will be glad to review the "Good Faith Estimate," and update it as new figures concerning your loan are known.