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How do Closing Costs Work?

Shopping for a mortgage loan? We can help! Give us a call today at 949-294-8411. Want to get started? Apply Online Now.

All residential real estate transactions incurs certain fixed costs. Sellers and buyers usually share these closing costs, as specified in the sales contract.

As the list below indicates, many of the closing costs result from getting your mortgage loan. At Pacific Residential Mortgage Corp, we are highly experienced in mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Good Faith Estimate".

Good Faith Estimate (GFE)

Soon after you submit your application, we will give you the "Good Faith Estimate" of your costs. This cost estimate is based on our past experience. Please note that while our GFEs are very precise, we cannot always predict closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that sometimes vary a little bit at closing.

We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, very soon after you have completed your application. At Pacific Residential Mortgage Corp, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Credit Report
  • Interest Payment
  • Escrow Fees
  • Various Taxes
  • Costs related to "originating" your loan
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Fee
Property Taxes
  • Recording Fees & Transfer Taxes
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Earthquake Insurance
Pacific Residential Mortgage Corp can answer questions about these closing costs. Give us a call: 949-294-8411.