What are Closing Costs?

"Closing Costs" are the fees that pay for the various services involved in the sale of a home. Sellers & buyers negotiate to determine who will pay different portions of these costs.

Many of the costs associated with buying a house are associated with getting a loan. At Firelight Mortgage Consultants, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your "Loan Estimate".

Loan Estimates (LEs)

Soon after you apply for a loan, we'll provide you with a "Loan Estimate" of your closing costs. We base this cost estimate on our many years of past experience. It's important to note that while our LEs are very precise, we cannot always predict 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.

Below you'll find a fairly generic list of closing costs. We will provide you with a specific list of your closing costs when we deliver your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Credit Report
  • Interest Payment
  • Escrow Account
  • Various Taxes
  • Loan-related costs
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Costs
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Quake Insurance if applicable

At Firelight Mortgage Consultants, we answer questions about closing costs every day. Give us a call at (303) 228-2254.

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