As I, with Prudential in the Winston Salem, Clemmons, Lewisville, Buena Vista, Advance, Pfafftown, or Bermuda Run, N.C. are negotiate the sales contract for you, I will not only work to get the sales price you want, I will also work to limit the number of closing costs for which you will be responsible.

I will walk you through the closing costs, answering any questions you may have explaining which costs are decreed by law to be yours and which are negotiable.

   Good Faith Estimate
Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience and may not include all the closing costs. I will be glad to review the "Good Faith Estimate," answering questions and highlighting missing costs and estimates I believe to be low.

   Standard Closing Costs

   Loan-Related Costs
  • Loan Origination Fee
  • Points (optional)
  • Appraisal Fee
  • Credit Report
  • Interest Payment
  • Escrow Account

The Loan Origination Fee is usually a percentage of the loan amount. It varies among lenders.

Also called ‘discount point’ or ‘point’, a loan discount is a one time charge by the lender or the broker in order to lower the interest rate. Each point is 1% of the loan amount and the rate is lowered by 0.125%. I, at Prudential we advise you if the buying of discount points will really save you any money.

You will be required to pay the Appraisal Fee for the appraisal report required by the bank in order to evaluate the worth of property before it lends you money in order to buy it.

The Credit Report fee is for the reports used by banks to study your credit history. It allows the bank to establish that you are a good credit risk, and also to decide how much can be lent to you and at what interest rate.

 Taxes
  • Property Taxes
  • Transfer Taxes and Recording Fees

Insurance
  • Homeowners Insurance
  • Flood or Quake Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance