Don't Forget Closing Costs
"Closing Costs" are the fees which cover various services involved when you sell or buy residential real estate. Sellers & buyers often negotiate to determine who will pay different portions of these costs.
As indicated below, many of the buyer's costs are related to the costs of originating the loan. At Firelight Mortgage Consultants, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Very shortly after you submit your application, we will provide you with the "Loan Estimate" of your costs. We base this closing cost estimate on our many years of past experience. Please note that while our LEs are very accurate, we can't always estimate your costs to the penny. We review LEs with buyers every day, so we'd be glad to answer your questions about closing costs.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed your loan application. At Firelight Mortgage Consultants, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Up-front Interest Payment
- Escrow Account
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
Firelight Mortgage Consultants can help you understand closing costs. Call us at 3032282254.