All residential real estate transactions involves certain costs. Buyers and sellers customarily split these closing costs, as specified in the sales contract.
As you'll see below, many of the costs result from getting your mortgage loan. At Contemporary Mortgage Services, Inc, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Buyers will receive a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. We base this cost estimate on our extensive past experience. It's important to note that while our GFEs are very precise, we can't always predict costs to the penny. We review GFEs with buyers every day, so we will be happy to answer any questions you have about closing costs.
Below you'll find a general list of closing costs. We will always provide you with a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Obtaining YourCredit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Loan-related costs
- Points — lower your mortgage interest rate (optional)
- Appraisal Fee
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance if applicable
Contemporary Mortgage Services, Inc can help you understand closing costs. Call us: 407-834-3377.
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