Don't Forget Closing Costs

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There are certain standard costs related to closing the sale of a home. Buyers and sellers usually share these closing costs, as the real estate sales contract specifies.

Many of the closing costs associated with buying a house are associated with getting the loan. Since VSI Home Lending is highly experienced with closings and mortgages, we are closing cost experts.

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 spelled out in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs usually vary a little bit between delivery of the GFE and closing. We handle questions about these costs every day at VSI Home Lending, so don't hesitate to ask if you have questions.

Below you'll find a generic list of closing costs. We will provide you with a specific list of your closing costs when we deliver your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs

• Escrow Account
• Various Taxes
• Costs related to "originating" your loan
• Points — These are costs you pay up-front to lower your interest rate (optional)
• Appraisal Costs
• Credit Report
• Interest Payment

Property Taxes

• Transfer Taxes & Recording Fees
• Insurance

Homeowners Insurance

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

VSI Home Lending can answer questions about these closing costs. Give us a call at 260-338-2561.