How do Closing Costs Work?

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

As you'll see 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 compile a comprehensive report on costs related to your mortgage in your "Loan Estimate".

Loan Estimate (Also known as the LE)

Very soon after you submit your application, we will provide you with the "Loan Estimate" of your closing costs. The closing costs enumerated in the LE are estimated based on our experience with mortgage loans, but costs often vary by small amounts between delivery of the LE and closing. We review LEs with buyers every day, so we'd be glad to answer your questions about closing costs.

Below you'll find a fairly general list of closing costs. We will provide a specific list of your closing costs when we give you a Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Credit Report
  • Interest Payment
  • Escrow Fees
  • Taxes
  • Loan Origination Fee
  • Points — lower your interest rate (optional)
  • Appraisal Fee
Property Taxes
  • Recording Fees and Transfer Taxes
  • Insurance
Homeowners Insurance
  • Flood or Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

Firelight Mortgage Consultants can help you understand closing costs. Call us: 3032282254.

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Firelight Mortgage Consultants

Company NMLS#: 381658

7887 East Belleview Ave Ste 1100
Englewood, CO 80111