About Closing Costs
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"Closing Costs" are the fees which pay for the various services involved when you sell or buy residential real estate. Sellers and buyers often negotiate the payment of these costs.
As indicated below, many of the buyer's closing costs cover the costs of getting the loan. Since First California Financial has extensive experience with mortgages and closings, we often explain the details of closing costs.
Good Faith Estimates (GFEs)
Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. We base this closing cost estimate on our extensive past experience. Please note that while our GFEs are very precise, we can't always estimate costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that can vary a little bit at closing.
Below you'll find a general list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing CostsLoan-Related Costs
- Pulling YourCredit Report
- Interest Payment
- Escrow Fees
- Costs associated with "originating" your loan
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)