What are Closing Costs?
"Closing Costs" are the fees that cover various services involved in the sale of a home. Sellers and buyers usually negotiate to determine who will pay different portions of these closing costs.
As indicated below, many of the costs result from getting your loan. Since Contemporary Mortgage Services, Inc is highly experienced with closings & mortgages, we are closing cost experts.
Good Faith Estimates (GFEs)
Soon after you submit your application, we'll provide you with the "Good Faith Estimate" of your closing costs. We base this cost estimate on our many years of past experience. It's important to note that while our GFEs are very accurate, we cannot always estimate costs to the penny. We field buyers' questions about closing costs every day at Contemporary Mortgage Services, Inc, so please feel free to contact us if you have questions.
Below is a fairly generic list of costs for buying residential real estate. We will provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Getting YourCredit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Loan Origination Fee
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance if applicable
Contemporary Mortgage Services, Inc can answer questions about these closing costs. Give us a call at 407-834-3377.
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