How do Closing Costs Work?

"Closing Costs" are the fees which cover the various services involved in the sale of a home. Sellers & buyers often negotiate these closing costs.

As indicated below, many of the buyer's closing costs cover the costs of getting the mortgage loan. At AmeriBest Mortgage, we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Loan Estimate".

Loan Estimates (LEs)

Very shortly after you apply for a loan, we'll give you a "Loan Estimate" of your closing costs. The closing costs specified in the LE are estimated based on our experience with mortgage loans, but costs often change a little bit between the Loan Estimate (LE) and closing. 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 these costs below, but we will give you a specific list of closing costs, with amounts, soon after you have completed your 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

Loan-Related Costs
  • Getting YourCredit Report
  • Interest Payment
  • Escrow Fees
  • Various Taxes
  • Loan Origination Fee
  • Points — lower your interest rate (optional)
  • Appraisal Costs
Property Taxes
  • Recording Fees & Transfer Taxes
  • Insurance
Homeowners Insurance
  • Flood or Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

AmeriBest Mortgage can answer questions about these closing costs. Call us at (321) 777-7277.

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