About Closing Costs
Certain standard costs are associated with closing the sale of a house. Buyers and sellers almost always split these closing costs, as specified in the real estate sales contract.
Many of the closing costs associated with buying a house are associated with getting a loan. Since Contemporary Mortgage Services, Inc is highly experienced with mortgages & closings, we can help you understand your closing costs.
Good Faith Estimates (GFEs)
Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the GFE are estimated based on Contemporary Mortgage Services, Inc's experience with mortgage loans, but costs often vary by small amounts between the GFE and closing. We will be glad to review the "Good Faith Estimate," answering your questions and highlighting costs that sometimes change slightly at closing.
Below is a fairly generic list of closing costs. We will always provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Costs
- Obtaining Your Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Loan Origination Fee
- Recording Fees & Transfer Taxes
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Contemporary Mortgage Services, Inc can answer questions about these closing costs. Call us: 407-834-3377.
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