About Closing Costs
Certain standard costs are associated with closing the sale of a house. Buyers and sellers customarily split these costs, as the real estate 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 list of closing costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimate (GFE)
Soon after you apply for a loan, we'll provide you with a "Good Faith Estimate" of your costs. We base this cost estimate on our extensive past experience. Please note that while our GFEs are very precise, we cannot always predict closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and highlighting costs that sometimes change slightly at the closing table.
Below is a general list of costs for buying a home. We will provide you with a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
- Appraisal Costs
- Getting Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Costs associated with "originating" your loan
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance if applicable
At Contemporary Mortgage Services, Inc, we answer questions about closing costs every day. Call us at 407-834-3377.
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