How do Closing Costs Work?
There are certain standard costs related to closing the sale of a home. Buyers and sellers customarily split these costs, as the sales contract specifies.
Many of the costs associated with buying a home are associated with getting the mortgage loan. Since Contemporary Mortgage Services, Inc has extensive experience with closings and mortgages, we are closing cost experts.
The Loan Estimate (Also known as the LE)
Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this closing cost estimate on our extensive past experience. Please note that while our LEs are very accurate, we cannot always estimate your closing costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that sometimes vary a little bit 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, very soon after you have completed your loan application. At Contemporary Mortgage Services, Inc, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Interest Payment
- Escrow Account
- Loan-related costs
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
- Obtaining YourCredit Report
- Recording Fees and Transfer Taxes
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Contemporary Mortgage Services, Inc can help you understand closing costs. Call us at 407-834-3377.
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