About Closing Costs
"Closing Costs" are the fees which pay for various services involved when you sell or buy residential real estate. Sellers & buyers usually negotiate to decide how to split these closing costs.
Many of the closing costs associated with buying residential real estate are associated with getting a mortgage loan. At America's Money Source, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related costs in your "Loan Estimate".
Loan Estimates (LEs)
Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing cost estimate comes out of our past experience. Please note that while our LEs are very accurate, we cannot always predict your closing costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that sometimes change slightly at closing.
Below you'll find a fairly generic list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
- Various Taxes
- Loan Origination Fee
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Obtaining Your Credit Report
- Interest Payment
- Escrow Fees
- Transfer Taxes & Recording Fees
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
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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