Closing Costs for Residential Real Estate Transactions

All residential real estate sales involves costs. Buyers usually pay these closing costs, as specified in the sales contract, however, depending on State law the seller may have to split some of the closing costs. "Closing Costs" are the fees which pay for various services involved when you sell or buy residential real estate. These fees can be paid out of pocket or indirectly by crediting the loan.

As you'll see below, many of the costs result from getting your loan. At Vivid Mortgages, Inc., we have extensive experience in mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your estimate.

The Loan Estimate

Buyers will receive a Loan Estimate three days from when the loan application is submitted to the lender. The Loan Estimate details information like insurance and taxes, closing costs, monthly payments and more. Getting an estimate doesn't mean you've been approved, rather it's the first step toward securing your loan.

We answer buyers' questions about closing costs every day at Vivid Mortgages, Inc., so don't hesitate to contact us if you have questions.

Below you'll find a fairly general list of closing costs. We will provide you with a specific list of your closing costs when we deliver your estimate.

Standard Closing Costs

• Appraisal Costs
• Obtaining Your Credit Report
• Up-front Interest Payment
• Escrow Account
• Loan Origination Fee
• Points — A fee paid to lower your interest rate (optional)

• Insurance
• Transfer Taxes & Recording Fees

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