Closing Costs for Residential Real Estate Transactions

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All residential real estate transactions incurs certain fixed costs. Buyers and sellers almost always share these closing costs, as the real estate sales contract specifies.

As you'll see below, many of the buyer's costs are related to the costs of originating the mortgage loan. Since American Equity Mortgage is highly experienced with mortgages & closings, we are closing cost experts.

The Good Faith Estimate (GFE)

Buyers will get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing cost estimate is based on our past experience. It's important to note that while our GFEs are very precise, we can't always estimate closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that can change slightly at the closing table.

We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed your application. At American Equity Mortgage, 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

• Escrow Account
• Various Taxes
• Costs associated with "originating" your loan
• Points — A fee paid to lower your interest rate (optional)
• Appraisal Fee
• Credit Report
• Up-front Interest Payment

Property Taxes

• Insurance
• Recording Fees and Transfer Taxes

Homeowners Insurance

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

At American Equity Mortgage, we answer questions about closing costs every day. Give us a call at 6178725064.