How do Closing Costs Work?

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All residential real estate sales involves costs. Buyers and sellers almost always split these closing costs, as specified in the real estate sales contract.

As the list below indicates, many of the closing costs result from getting your mortgage. At Manhattan Financials, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".

The Good Faith Estimate (GFE)

Very soon after you submit your application, we'll give you a "Good Faith Estimate" of your costs. We base this cost estimate on our many years of past experience. Please note that while our GFEs are very precise, we can't always predict costs to the penny. We go over Good Faith Estimates with buyers almost every day, so we are happy to answer any questions you have 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 loan application. At Manhattan Financials, 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

• Points — lower your mortgage interest rate (optional)
• Appraisal Costs
• Pulling Your Credit Report
• Interest Payment
• Escrow Fees
• Taxes
• Loan-related costs

Property Taxes

• Transfer Taxes & Recording Fees
• Insurance

Homeowners Insurance

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

At Manhattan Financials, we answer questions about closing costs every day. Give us a call: 718-766-9112.