What are Closing Costs?
Every home sale involves certain costs. Buyers and sellers almost always share these costs, as the real estate sales contract specifies.
Many of the costs associated with buying a house are associated with getting a loan. At Contemporary Mortgage Services, Inc, we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the LE are estimated based on Contemporary Mortgage Services, Inc's experience with mortgage loans, but costs usually vary by small amounts between the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that can change slightly at the closing table.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you complete your application. At Contemporary Mortgage Services, Inc, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Loan-related costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Costs
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance
Contemporary Mortgage Services, Inc can help you understand closing costs. Give us a call at 407-834-3377.
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