Closing Costs for Residential Real Estate Transactions
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All residential real estate transactions involves certain costs. Buyers and sellers almost always share these closing costs, as specified in the sales contract.
As the list below indicates, many of the costs result from getting your mortgage. Since Carolina Equity Services, Inc. is highly experienced with mortgages and closings, we can help you understand your closing costs.
The Good Faith Estimate (GFE)
Soon after you submit your application, we will give you a "Good Faith Estimate" of your closing costs. The closing costs spelled out in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs usually vary by small amounts between delivery of the Good Faith Estimate (GFE) and closing. We handle questions about these costs every day at Carolina Equity Services, Inc., so please be sure to ask if we can help answer your questions.
We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, very soon after you complete your application. At Carolina Equity Services, Inc., we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Appraisal Fee
- Pulling Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Loan Origination Fee
- Points — A fee paid to lower your interest rate (optional)
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance if applicable
Carolina Equity Services, Inc. can help you understand closing costs. Give us a call at (919) 355-1034.