How do Closing Costs Work?

All residential real estate sales incurs certain costs. Buyers and sellers customarily share these closing costs, as specified in the sales contract.

As indicated below, many of the costs result from getting your mortgage. At AmeriBest Mortgage, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs in your "Loan Estimate".

Loan Estimates (LEs)

Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the LE are estimated based on AmeriBest Mortgage's experience with mortgage loans, but costs usually vary a little bit between the Loan Estimate (LE) and closing. We answer buyers' questions about closing costs every day at AmeriBest Mortgage, so don't hesitate to ask if we can help answer your questions.

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

Standard Closing Costs

Loan-Related Costs
  • Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Up-front Interest Payment
  • Escrow Account
  • Taxes
  • Loan-related costs
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Earthquake Insurance

AmeriBest Mortgage can help you understand closing costs. Give us a call at (321) 777-7277.

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