What are Closing Costs?

Certain standard costs are associated with closing the sale of a house. Sellers and buyers almost always split these costs, as the sales contract specifies.

Many of the closing costs associated with buying a home are associated with getting a mortgage. At Firelight Mortgage Consultants, we have extensive experience in mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Loan Estimate".

The Loan Estimate (LE)

Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the LE are estimated based on our experience with mortgage loans, but costs usually change a little bit between the Loan Estimate (LE) and closing. We handle buyers' questions about these costs every day at Firelight Mortgage Consultants, so don't hesitate to ask if you have questions.

We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, soon after you complete your loan application. At Firelight Mortgage Consultants, 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
  • Appraisal Costs
  • Credit Report
  • Interest Payment
  • Escrow Fees
  • Various Taxes
  • Loan-related costs
  • Points — lower your interest rate (optional)
Property Taxes
  • Insurance
  • Recording Fees & Transfer Taxes
Homeowners Insurance
  • Title Insurance
  • Flood / Quake Insurance
  • Private Mortgage Insurance (PMI)

Firelight Mortgage Consultants can answer questions about these closing costs. Call us: (303) 228-2254.

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