What are Closing Costs?

Certain standard costs are related to closing the sale of a house. Sellers and buyers customarily split these costs, as specified in the real estate sales contract.

As indicated below, many of the buyer's costs are related to the costs of originating the loan. Since Affinity Mortgage Brokers has extensive experience with closings and mortgages, we can help you understand your closing costs.

Loan Estimate (LE)

Buyers will receive 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. It's important to note that while our LEs are very precise, we can't always estimate costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that can vary a little bit at the closing table.

We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Affinity Mortgage Brokers, 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
  • Interest Payment
  • Escrow Fees
  • Taxes
  • Loan Origination Fee
  • Points — These are costs you pay up-front to lower your interest rate (optional)
  • Appraisal Fee
  • Credit Report
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Quake Insurance if applicable

Affinity Mortgage Brokers can help you understand closing costs. Give us a call at 719-425-2226.


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