My New Blog

Have you thought about closing costs?

January 10th, 2022 2:02 PM by Kiel Ecimovic

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

Loan-Related Costs
  • Interest Payment 
  • Escrow Account 
  • Taxes
  • Loan-related costs 
  • Points — These are costs you pay up-front to lower your interest rate (optional) 
  • Appraisal Fee 
  • Obtaining YourCredit Report 
Property Taxes
  • Recording Fees and Transfer Taxes 
  • Insurance
Homeowners Insurance
  • Flood or Earthquake Insurance 
  • Private Mortgage Insurance (PMI) 
  • Title Insurance


Posted by Kiel Ecimovic on January 10th, 2022 2:02 PM

Archives:

My Favorite Blogs:

Sites That Link to This Blog:


Contemporary Mortgage Services, Inc

498 Palm Springs Drive Suite 220
Altamonte Springs, FL 32701