About Closing Costs
"Closing Costs" are the fees that pay for the various services involved in the sale of a home. Buyers and sellers almost always negotiate to decide how to split these closing costs.
As the list below indicates, many of the closing costs result from getting your mortgage loan. At Affinity Mortgage Brokers, we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Loan Estimate".
The Loan Estimate (LE)
Very soon after you apply for a loan, we will provide you with a "Loan Estimate" of your closing costs. We base this cost estimate on our extensive past experience. Please note that while our LEs are very precise, we can't always predict your costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can vary a little bit at closing.
Below you'll find a fairly generic list of closing costs. We will always provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
- Costs associated with "originating" your loan
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance
Affinity Mortgage Brokers can help you understand closing costs. Call us at 719-425-2226.