How do Closing Costs Work?

Certain standard costs are related to closing the sale of a home. Buyers and sellers usually split these closing costs, as specified in the sales contract.

As indicated below, many of the costs result from getting your mortgage 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".

The Loan Estimate (LE)

Very shortly after you apply for a loan, we will provide you with a "Loan Estimate" of your costs. This closing cost estimate is based on our past experience. It's important to note that while our LEs are very precise, we can't always estimate closing costs to the penny. We answer questions about closing costs every day at Firelight Mortgage Consultants, so don't hesitate to contact us if we can help answer your questions.

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 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

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

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

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