How do Closing Costs Work?

Every home sale incurs certain fixed costs. Buyers and sellers almost always split these costs, as the sales contract specifies.

Many of the costs associated with buying residential real estate are associated with getting a mortgage loan. Since The Mortgage Firm - Team Meyers has extensive experience with closings & mortgages, we are closing cost experts.

Loan Estimates (LEs)

Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this closing cost estimate on our extensive past experience. Please note that while our LEs are very accurate, we can't always predict your closing costs to the penny. We go over Loan Estimates with buyers almost 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'll give you a specific list of closing costs, with amounts, very soon after you complete your 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
  • Appraisal Costs
  • Obtaining Your Credit Report
  • Interest Payment
  • Escrow Fees
  • Various Taxes
  • Loan-related costs
  • Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
Property Taxes
  • Insurance
  • Transfer Taxes and Recording Fees
Homeowners Insurance
  • Flood / Earthquake Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance

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

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