About Closing Costs

There are certain standard costs associated with closing the sale of a home. Buyers usually pay these costs, as the real estate sales contract specifies, 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 various services involved in the sale of a home. These fees can be paid out of pocket or indirectly by crediting the loan.

Many of the costs associated with buying a house are associated with getting a mortgage. At Keystone Financial Services, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your estimate.

Obtaining The Loan Estimate

Buyers will get a Loan Estimate by three days from when the loan application is submitted to the lender. The Loan Estimate provides you with information like closing costs, taxes, insurance, estimated interest rate monthly payment and more. This estimate is not an approval, rather it's the first step toward obtaining your loan.

We will be glad to review the estimate, answering questions and pointing out costs that can vary a little bit at closing.

Below is a fairly general list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we give you an estimate.

Standard Closing Costs

• Interest Payment
• Escrow Fees
• Costs associated with "originating" your loan
• Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
• Appraisal Fee
• Obtaining YourCredit Report

• Recording Fees and Transfer Taxes
• Insurance

• Private Mortgage Insurance (PMI)
• Title Insurance
• Flood or Quake Insurance if applicable