How do Closing Costs Work?

"Closing Costs" are the fees which pay for the various services involved in the sale of a home. Buyers and sellers usually negotiate to decide how to share these costs.

As indicated below, many of the costs result from getting your mortgage loan. Since Alternative Mortgage Group is highly experienced with mortgages and closings, we can help you understand your closing costs.

Loan Estimate (LE)

Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often change a little bit between the Loan Estimate (LE) and closing. We field buyers' questions about closing costs every day at Alternative Mortgage Group, so please be sure to contact us if we can help answer your questions.

Below is a generic list of costs for buying a home. We will always provide you with a specific list of your closing costs when we give you a Loan Estimate.

Standard Closing Costs

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

At Alternative Mortgage Group, we answer questions about closing costs every day. Call us: 561-395-4264.

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Alternative Mortgage Group

80 SW 14 Ave
Boca Raton, FL 33486