What are Closing Costs?

There are certain standard costs related to closing the sale of a home. Sellers and buyers usually split these costs, as the sales contract specifies.

Many of the costs associated with buying a house are associated with getting a mortgage. Since Rasmussen Mortgage is highly experienced with mortgages & closings, we often explain the details of closing costs.

Good Faith Estimates (GFEs)

Soon after you submit your application, we will provide you with a "Good Faith Estimate" of your costs. We base this cost estimate on our extensive past experience. Please note that while our GFEs are very precise, we cannot always predict closing costs to the penny. We handle buyers' questions about closing costs every day at Rasmussen Mortgage, so please feel free to contact us if you have questions.

Below you'll find a fairly generic list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we provide your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Getting YourCredit Report
  • Interest Payment
  • Escrow Fees
  • Various Taxes
  • Loan-related costs
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Fee
Property Taxes
  • Recording Fees and Transfer Taxes
  • Insurance
Homeowners Insurance
  • Flood / Quake Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance

At Rasmussen Mortgage, we answer questions about closing costs every day. Call us: 608-592-5600.

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