What are Closing Costs?

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

Many of the costs associated with buying residential real estate are associated with getting a loan. Since Affinity Mortgage Brokers is highly experienced with mortgages & closings, we are closing cost experts.

Loan Estimates (LEs)

Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the Loan Estimate are estimated based on Affinity Mortgage Brokers's experience with mortgage loans, but costs usually vary a little bit between delivery of the Loan Estimate (LE) and closing. We handle questions about closing costs every day at Affinity Mortgage Brokers, so don't hesitate to ask if you have questions.

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

Standard Closing Costs

Loan-Related Costs
  • Interest Payment
  • Escrow Fees
  • Taxes
  • Costs related to "originating" your loan
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Costs
  • Credit Report
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood / Earthquake Insurance
  • Private Mortgage Insurance (PMI)

Affinity Mortgage Brokers can answer questions about these closing costs. Give us a call at 719-331-6278.

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