What are Closing Costs?
All residential real estate transactions involves certain fixed costs. Sellers and buyers usually share these closing costs, as the real estate sales contract specifies.
As indicated below, many of the buyer's costs are related to the costs of getting the loan. Since America's Money Source is highly experienced with mortgages & closings, we can help you understand your closing costs.
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 specified in the Loan Estimate are estimated based on America's Money Source's experience with mortgage loans, but costs often vary by small amounts between the LE and closing. We go over LEs with buyers every day, so we are happy to answer any questions you have about closing costs.
Below is a 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
- Costs associated with "originating" your loan
- Points — lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
America's Money Source can answer questions about these closing costs. Give us a call at (407) 898-7559.
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