About Closing Costs

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Certain standard costs are related to closing the sale of a home. Sellers and buyers usually 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. At Gilligan Financial, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Good Faith Estimate".

Good Faith Estimate (GFE)

Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. We base this closing cost estimate on our many years of past experience. Please note that while our GFEs are very precise, we can't always estimate closing costs to the penny. We review Good Faith Estimates with buyers every day, so we'd be glad to answer your questions about closing costs.

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 have completed your application. At Gilligan Financial, 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

• Up-front Interest Payment
• Escrow Fees
• Various Taxes
• Costs related to "originating" your loan
• Points — A fee paid to lower your interest rate (optional)
• Appraisal Fee
• Obtaining YourCredit Report

Property Taxes

• Transfer Taxes and Recording Fees
• Insurance

Homeowners Insurance

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

Gilligan Financial can answer questions about these closing costs. Call us at 7075458183.