How do Closing Costs Work?

"Closing Costs" are the fees that cover various services involved when you sell or buy residential real estate. Buyers and sellers almost always negotiate these costs.

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

Loan Estimates (LEs)

Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the LE are estimated based on our experience with mortgage loans, but costs usually change by small amounts between the Loan Estimate (LE) and closing. We field buyers' questions about these costs every day at The Mortgage Firm - Team Meyers, so don't hesitate to contact us if you have questions.

Below you'll find a fairly generic list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we deliver your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Credit Report
  • Up-front Interest Payment
  • Escrow Account
  • Taxes
  • Loan-related costs
  • Points — These are costs you pay up-front to lower your interest rate (optional)
  • Appraisal Fee
Property Taxes
  • Insurance
  • Recording Fees & Transfer Taxes
Homeowners Insurance
  • Title Insurance
  • Flood or Earthquake Insurance
  • Private Mortgage Insurance (PMI)

At The Mortgage Firm - Team Meyers, we answer questions about closing costs every day. Give us a call: (407) 889-4321.

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