Closing Costs for Residential Real Estate Transactions
"Closing Costs" are the fees which cover various services involved when you sell or buy a house. Sellers & buyers usually negotiate the payment of these closing costs.
As the list below indicates, many of the closing costs result from getting your mortgage. Since America's Money Source has extensive experience with closings & mortgages, we are closing cost experts.
The Loan Estimate (LE)
Very soon after you apply for a loan, we will give you the "Loan Estimate" of your closing costs. The closing costs specified in the LE are estimated based on America's Money Source's experience with mortgage loans, but costs often vary by small amounts between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that can change slightly at closing.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you have completed your application. At America's Money Source, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Costs related to "originating" your loan
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance
At America's Money Source, we answer questions about closing costs every day. Give us a call: (407) 898-7559.
Got a Question?
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.