Closing Costs for Residential Real Estate Transactions
"Closing Costs" are the fees which cover the various services involved when you sell or buy residential real estate. Buyers & sellers almost always negotiate to determine who will pay different portions of these costs.
As the list below indicates, many of the costs result from getting your loan. At Contemporary Mortgage Services, Inc, we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Buyers get 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 many years of past experience. It's important to note that while our GFEs are very precise, we can't always estimate your closing costs to the penny. We handle buyers' questions about closing costs every day at Contemporary Mortgage Services, Inc, so please be sure to ask if we can help answer your questions.
Below you'll find a general list of costs for buying a home. We will provide you with a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Loan-related costs
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance
Contemporary Mortgage Services, Inc can answer questions about these closing costs. Call us: 407-834-3377.
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