How do Closing Costs Work?

There are certain standard costs related to closing the sale of a house. Buyers and sellers almost always split these closing costs, as specified in the real estate sales contract.

As you'll see below, many of the closing costs result from getting your loan. Since The Mortgage Firm - Team Meyers has extensive experience with closings & mortgages, we can help you understand your closing costs.

Loan Estimate (LE)

Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often change by small amounts between the Loan Estimate (LE) and closing. We go over LEs with buyers almost every day, so we will be happy to answer any questions you have about closing costs.

We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, soon after you have completed your loan application. At The Mortgage Firm - Team Meyers, 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
  • Loan-related costs
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Costs
  • Getting Your Credit Report
  • Interest Payment
  • Escrow Fees
  • Taxes
Property Taxes
  • Recording Fees and Transfer Taxes
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood / Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)

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

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