How do Closing Costs Work?

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"Closing Costs" are the fees that pay for the various services involved in the sale of a home. Buyers & sellers almost always negotiate to determine who will pay different portions of these closing costs.

As indicated below, many of the buyer's closing costs are related to the costs of getting the mortgage loan. At VanDyk Mortgage, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".

Good Faith Estimates (GFEs)

Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The cost estimate comes out of the loan officer's past experience. Please note that while our GFEs are very accurate, we cannot always estimate closing costs to the penny. We answer buyers' questions about closing costs every day at VanDyk Mortgage, so please be sure to contact us if we can help answer your questions.

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

Standard Closing Costs

Loan-Related Costs
  • Escrow Fees
  • Taxes
  • Loan Origination Fee
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Interest Payment
Property Taxes
  • Insurance
  • Transfer Taxes & Recording Fees
Homeowners Insurance
  • Title Insurance
  • Flood or Earthquake Insurance
  • Private Mortgage Insurance (PMI)
Have more questions about Home Loans? Call us at 866-900-2342 toll free direct.

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