What are Closing Costs?

Every home sale incurs certain fixed costs. Buyers and sellers customarily split these costs, as specified in the real estate sales contract.

As indicated below, many of the buyer's closing costs cover the costs of originating the loan. Since Firelight Mortgage Consultants is highly experienced with closings and mortgages, we can help you understand your closing costs.

Loan Estimate (LE)

Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this cost estimate on our many years of past experience. Please note that while our LEs are very precise, we cannot always estimate closing costs to the penny. We review Loan Estimates with buyers almost every day, so we'd be glad to answer any questions you have about closing costs.

We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, soon after you complete 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 Fees
  • Various Taxes
  • Loan Origination Fee
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Costs
  • Obtaining Your Credit Report
  • Interest Payment
Property Taxes
  • Recording Fees and Transfer Taxes
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood or Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)

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

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