How do Closing Costs Work?

Every home sale incurs costs. Sellers and buyers customarily split these closing costs, as the real estate sales contract specifies.

As you'll see below, many of the buyer's costs cover the costs of getting the mortgage loan. Since The Mortgage Firm - Team Meyers has extensive experience with closings & mortgages, we are closing cost experts.

Good Faith Estimates (GFEs)

Very soon after you apply for a loan, we'll give you a "Good Faith Estimate" of your closing costs. The closing costs enumerated in the GFE are estimated based on our experience with mortgage loans, but costs usually vary by small amounts between the Good Faith Estimate (GFE) and closing. We go over Good Faith Estimates with buyers almost every day, so we'd be glad to answer any questions you have about closing costs.

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

Standard Closing Costs

Loan-Related Costs
  • Escrow Fees
  • Taxes
  • Costs related to "originating" your loan
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Costs
  • Obtaining Your Credit Report
  • Up-front Interest Payment
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood or Quake Insurance

The Mortgage Firm - Team Meyers can help you understand closing costs. Give us a call at (407) 889-4321.

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