Closing Costs for Residential Real Estate Transactions

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"Closing Costs" are the fees that cover the various services involved when you sell or buy residential real estate. Sellers & buyers negotiate the payment of these closing costs.

As you'll see below, many of the buyer's closing costs cover the costs of originating the loan. At Envoy Mortgage LTD, we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Good Faith Estimate".

Good Faith Estimates (GFEs)

Buyers will get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. We base this cost estimate on our extensive past experience. It's important to note that while our GFEs are very accurate, we cannot always predict your closing costs to the penny. We explain Good Faith Estimates with buyers every day, so we will be happy to answer your questions about closing costs.

We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Envoy Mortgage LTD, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Appraisal Costs
  • Obtaining Your Credit Report
  • Up-front Interest Payment
  • Escrow Account
  • Taxes
  • Loan-related costs
  • Points — lower your interest rate (optional)
Property Taxes
  • Insurance
  • Recording Fees & Transfer Taxes
Homeowners Insurance
  • Title Insurance
  • Flood or Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)

At Envoy Mortgage LTD, we answer questions about closing costs every day. Call us: 9705779200.