Closing Costs for Residential Real Estate Transactions

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"Closing Costs" are the fees which pay for various services involved in the sale of residential real estate. Sellers & buyers often negotiate to determine who will pay different portions of these closing costs.

As indicated below, many of the costs result from getting your mortgage. Since Pacific West Lending is highly experienced with closings & mortgages, we are closing cost experts.

Good Faith Estimates (GFEs)

Buyers will 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 Pacific West Lending's experience with mortgage loans, but costs often change a little bit between the GFE and closing. We answer buyers' questions about closing costs every day at Pacific West Lending, so please be sure to ask if we can help answer your questions.

We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, soon after you complete your application. At Pacific West Lending, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs

• Up-front Interest Payment
• Escrow Account
• Taxes
• Loan-related costs
• Points — These are costs you pay up-front to lower your interest rate (optional)
• Appraisal Costs
• Getting YourCredit Report

Property Taxes

• Recording Fees & Transfer Taxes
• Insurance

Homeowners Insurance

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

At Pacific West Lending, we answer questions about closing costs every day. Give us a call: 310-534-6800.