Closing Costs for Residential Real Estate Transactions
"Closing Costs" are the fees which pay for various services involved in the sale of a home. Sellers and buyers often negotiate to decide how to share these costs.
Many of the costs associated with buying a home are associated with getting a loan. Since America's Money Source has extensive experience with mortgages and closings, we are closing cost experts.
Loan Estimate (Also known as the LE)
Very soon after you apply for a loan, we'll give you a "Loan Estimate" of your closing costs. The closing costs enumerated in the LE are estimated based on America's Money Source's experience with mortgage loans, but costs usually vary by small amounts between delivery of the Loan Estimate (LE) and closing. We handle buyers' questions about closing costs every day at America's Money Source, so don't hesitate to ask if you have questions.
Below you'll find a fairly generic list of costs for buying residential real estate. We will provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
- Interest Payment
- Escrow Fees
- Various Taxes
- Costs related to "originating" your loan
- Points — lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Transfer Taxes & Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance if applicable
America's Money Source can help you understand closing costs. Call us at (407) 898-7559.
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