Closing Costs for Home Real Estate Transactions
Certain standard costs are associated with closing the sale of a home. Sellers and buyers almost always share these closing costs, as specified in the sales contract.
As you'll see below, many of the costs result from getting your loan. Since America's Money Source has extensive experience with closings and mortgages, we are closing cost experts.
Loan Estimates (LEs)
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. This closing cost estimate comes out of the loan officer's past experience. Please note that while our LEs are very precise, we can't always estimate costs to the penny. We go over Loan Estimates with buyers almost every day, so we are happy to answer any questions you have about closing costs.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you complete 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
- Getting YourCredit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Loan-related costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood or Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
At America's Money Source, we answer questions about closing costs every day. Give us a call at (407) 898-7559.
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