What are Closing Costs?

"Closing Costs" are the fees which cover various services involved when you sell or buy a house. Buyers and sellers almost always negotiate to decide how to split these costs.

As you'll see below, many of the buyer's closing costs cover the costs of getting the loan. Since Alternative Mortgage Group is highly experienced with mortgages and closings, we are closing cost experts.

The Loan Estimate (LE)

Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the LE are estimated based on Alternative Mortgage Group's experience with mortgage loans, but costs often vary by small amounts between the Loan Estimate (LE) and closing. We review Loan Estimates with buyers every day, so we will be happy to answer the you have about closing costs.

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

Standard Closing Costs

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

Alternative Mortgage Group can answer questions about these closing costs. Give us a call at 561-395-4264.

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