How do Closing Costs Work?

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All residential real estate sales involves fixed costs. Sellers and buyers almost always split these costs, as specified in the real estate sales contract.

As you'll see below, many of the buyer's costs cover the costs of originating the loan. Since CNC Mortgage has extensive experience with closings & mortgages, we can help you understand your closing costs.

Good Faith Estimates (GFEs)

Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs often change a little bit between the GFE and closing. We go over Good Faith Estimates with buyers almost every day, so we are happy to answer any questions you have about closing costs.

Below is a general list of closing costs. We will provide a specific list of your closing costs when we provide your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs

• Escrow Fees
• Taxes
• Loan-related costs
• Points — A fee paid to lower your interest rate (optional)
• Appraisal Costs
• Getting Your Credit Report
• Interest Payment

Property Taxes

• Recording Fees and Transfer Taxes
• Insurance

Homeowners Insurance

• Private Mortgage Insurance (PMI)
• Title Insurance
• Flood or Earthquake Insurance

At Mortgage Works Inc., we answer questions about closing costs every day. Call us at 651-426-1988.