How do Closing Costs Work?

"Closing Costs" are the fees that cover various services involved in the sale of a home. Sellers & buyers often negotiate to determine who will pay different portions of these costs.

Many of the closing costs associated with buying a house are associated with getting a mortgage loan. Since The Mortgage Firm - Team Meyers is highly experienced with mortgages and closings, we are closing cost experts.

The Loan Estimate (Also known as the LE)

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

We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, soon after you complete 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
  • Interest Payment
  • Escrow Account
  • Taxes
  • Loan Origination Fee
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Credit Report
Property Taxes
  • Recording Fees & Transfer Taxes
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood / Earthquake Insurance
  • Private Mortgage Insurance (PMI)

The Mortgage Firm - Team Meyers can answer questions about these closing costs. Call us at (407) 889-4321.

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