What are Closing Costs?

Every home sale involves fixed costs. Buyers and sellers usually split these closing costs, as the sales contract specifies.

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

The Loan Estimate (LE)

Buyers get a "Loan Estimate" of closing costs at 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 LE and closing. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can change slightly at the closing table.

Below is a general list of closing costs. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Costs related to "originating" your loan
  • Points — lower your interest rate (optional)
  • Appraisal Costs
  • Obtaining Your Credit Report
  • Up-front Interest Payment
  • Escrow Account
  • Various Taxes
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood or Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)

Contemporary Mortgage Services, Inc can help you understand closing costs. Call us at 407-834-3377.

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