Closing Costs for Residential Real Estate Transactions
"Closing Costs" are the fees which cover various services involved when you sell or buy a house. Sellers and buyers often negotiate the payment of these closing costs.
Many of the closing costs associated with buying a home are associated with getting a loan. Since Contemporary Mortgage Services, Inc is highly experienced with mortgages and closings, we often explain the details of closing costs.
Loan Estimate (LE)
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The cost estimate is based on our past experience. It's important to note that while our LEs are very accurate, we can't always estimate your costs to the penny. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that sometimes vary a little bit at the closing table.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed 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 Account
- Various Taxes
- Loan-related costs
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Recording Fees and 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 at 407-834-3377.
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