How do Closing Costs Work?

"Closing Costs" are the fees which pay for the various services involved in the sale of a home. Buyers and sellers almost always negotiate these closing costs.

As indicated below, many of the closing costs result from getting your mortgage loan. At The Mortgage Firm - Team Meyers, we have extensive experience in mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Loan Estimate".

Loan Estimates (LEs)

Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the LE are estimated based on our experience with mortgage loans, but costs usually change by small amounts between delivery of the Loan Estimate (LE) and closing. We review LEs with buyers every day, so we'd be glad to answer your questions about closing costs.

We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, very 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'll be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Up-front Interest Payment
  • Escrow Account
  • Various Taxes
  • Loan-related costs
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Costs
  • Credit Report
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood or Quake Insurance

At The Mortgage Firm - Team Meyers, we answer questions about closing costs every day. Call us at (407) 889-4321.

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