Closing Costs for Home Real Estate Transactions
All residential real estate transactions incurs costs. Buyers and sellers almost always split these costs, as specified in the sales contract.
As indicated below, many of the buyer's closing costs are related to the costs of originating the mortgage loan. At Firelight Mortgage Consultants, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Very shortly after you apply for a loan, we will provide you with a "Loan Estimate" of your costs. The closing costs spelled out in the LE are estimated based on Firelight Mortgage Consultants's experience with mortgage loans, but costs often vary by small amounts between delivery of the Loan Estimate (LE) and closing. We review Loan Estimates with buyers every day, so we will be happy 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'll be sure to let you know immediately.
Standard Closing Costs
Loan-Related Costs
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Fees
- Taxes
Property Taxes
- Transfer Taxes & Recording Fees
- Insurance
Homeowners Insurance
- Flood / Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
At Firelight Mortgage Consultants, we answer questions about closing costs every day. Give us a call at 7209331025.