"Closing Costs" are the fees which pay for various services involved when you sell or buy a house. Buyers & sellers negotiate to determine who will pay different portions of these costs.
As indicated below, many of the buyer's costs cover the costs of getting the mortgage loan. Since Firelight Mortgage Consultants has extensive experience with closings and mortgages, we are closing cost experts.
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually vary a little bit between delivery of the Loan Estimate (LE) and closing. We field buyers' questions about these costs every day at Firelight Mortgage Consultants, so don't hesitate to ask if you have questions.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, very 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 Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Credit Report Up-front Interest Payment Escrow Fees Taxes
Recording Fees & Transfer Taxes Insurance
Title Insurance Flood / Earthquake Insurance Private Mortgage Insurance (PMI)
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