What are Closing Costs?

"Closing Costs" are the fees that pay for the various services involved in the sale of a home. Sellers & buyers often negotiate the payment of these costs.

Many of the costs associated with buying a house are associated with getting a loan. At AmeriBest Mortgage, we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Loan Estimate".

Loan Estimate (Also known as the LE)

Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. This cost estimate is based on the loan officer's past experience. Please note that while our LEs are very accurate, we cannot always predict your costs to the penny. We explain Loan Estimates with buyers almost every day, so we will be happy to answer the you have about closing costs.

We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, very soon after you have completed your application. At AmeriBest Mortgage, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Costs related to "originating" your loan
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Costs
  • Pulling Your Credit Report
  • Interest Payment
  • Escrow Account
  • Various Taxes
Property Taxes
  • Insurance
  • Transfer Taxes & Recording Fees
Homeowners Insurance
  • Title Insurance
  • Flood / Quake Insurance
  • Private Mortgage Insurance (PMI)

AmeriBest Mortgage can answer questions about these closing costs. Give us a call: (321) 777-7277.

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