About Closing Costs
Every home sale involves certain costs. Buyers and sellers usually split these costs, as specified in the sales contract.
As the list below indicates, many of the costs result from getting your mortgage loan. Since Contemporary Mortgage Services, Inc is highly experienced with closings & mortgages, we often explain the details of closing costs.
The Loan Estimate (Also known as the LE)
Very shortly after you submit your application, we will provide you with a "Loan Estimate" of your costs. The cost estimate comes out of our past experience. Please note that while our LEs are very accurate, we cannot always estimate closing costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can vary a little bit at the closing table.
We've provided a general list of closing costs below, but we will 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
- Escrow Fees
- Loan Origination Fee
- Points — lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Recording Fees & Transfer Taxes
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Contemporary Mortgage Services, Inc can answer questions about these closing costs. Give us a call: 407-834-3377.
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