Closing Costs for Residential Real Estate Transactions
All residential real estate sales involves costs. Sellers and buyers customarily split these closing costs, as specified in the real estate sales contract.
As you'll see below, many of the closing costs result from getting your mortgage loan. At AmeriBest Mortgage, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Loan Estimate".
Loan Estimates (LEs)
Soon after you submit your application, we'll give you a "Loan Estimate" of your costs. The closing costs spelled out in the LE are estimated based on our experience with mortgage loans, but costs usually vary a little bit between delivery of the LE and closing. We handle questions about these costs every day at AmeriBest Mortgage, so please be sure to contact us if you have questions.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you complete your loan application. At AmeriBest Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Costs related to "originating" your loan
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Recording Fees & Transfer Taxes
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
At AmeriBest Mortgage, we answer questions about closing costs every day. Give us a call at (321) 777-7277.