How do Closing Costs Work?

There are certain standard costs related to closing the sale of a home. Sellers and buyers usually split these closing costs, as the real estate sales contract specifies.

Many of the closing costs associated with buying a home are associated with getting a mortgage. At America's Money Source, we are highly experienced in mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs in your "Loan Estimate".

Loan Estimates (LEs)

Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the LE are estimated based on our experience with mortgage loans, but costs often vary by small amounts between delivery of the Loan Estimate (LE) and closing. We review Loan Estimates with buyers every day, so we'd be glad to answer your questions about closing costs.

Below you'll find a fairly generic list of closing costs. We will always provide a specific list of your closing costs when we provide your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Getting YourCredit Report
  • Up-front Interest Payment
  • Escrow Fees
  • Various Taxes
  • Loan Origination Fee
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Fee
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood or Quake Insurance

America's Money Source can help you understand closing costs. Give us a call: 4078987559.


America's Money Source

2306 Curry Ford Rd
Orlando, FL 32806