Closing Costs for Home Real Estate Transactions

"Closing Costs" are the fees which cover various services involved in the sale of a home. Sellers & buyers often negotiate to determine who will pay different portions of these closing costs.

As you'll see below, many of the buyer's closing costs are related to the costs of originating the loan. At Contemporary Mortgage Services, Inc, we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Loan Estimate".

Loan Estimates (LEs)

Buyers will get a "Loan Estimate" of closing costs at 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 usually vary by small amounts between delivery of the LE and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that can vary a little bit at the closing table.

Below is a fairly general list of costs for buying a home. We will always provide you with a specific list of your closing costs when we deliver your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Interest Payment
  • Escrow Fees
  • Taxes
  • Costs related to "originating" your loan
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Getting YourCredit Report
Property Taxes
  • Insurance
  • Recording Fees and Transfer Taxes
Homeowners Insurance
  • Flood / Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

Contemporary Mortgage Services, Inc can help you understand closing costs. Give us a call: 407-834-3377.

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