What are Closing Costs?

Certain standard costs are related to closing the sale of a home. Sellers and buyers almost always share these closing costs, as specified in the sales contract.

As the list below indicates, many of the closing costs result from getting your loan. At Affinity Mortgage Brokers, we have extensive experience in mortgage lending, so we can compile a comprehensive report on costs related to your mortgage 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 spelled out in the LE are estimated based on our experience with mortgage loans, but costs often vary a little bit between the LE and closing. We field buyers' questions about these costs every day at Affinity Mortgage Brokers, so don't hesitate to ask if you have questions.

Below you'll find a general list of costs for buying a home. We will always provide you with a specific list of your closing costs when we deliver 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 Fees
  • Various Taxes
  • Loan-related costs
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Flood / Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

Affinity Mortgage Brokers can help you understand closing costs. Give us a call at 719-331-6278.

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