What are Closing Costs?

Certain standard costs are related to closing the sale of a home. Sellers and buyers customarily split these closing costs, as the sales contract specifies.

As you'll see below, many of the buyer's costs are related to the costs of originating the mortgage loan. At The Mortgage Firm - Team Meyers, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Loan Estimate".

Loan Estimates (LEs)

Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. This cost estimate is based on our past experience. Please note that while our LEs are very accurate, we can't always estimate closing costs to the penny. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that sometimes change slightly at the closing table.

Below you'll find a fairly generic list of closing costs. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.

Standard Closing Costs

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

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

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