How do Closing Costs Work?

"Closing Costs" are the fees that cover the various services involved in the sale of residential real estate. Buyers and sellers almost always negotiate these costs.

As the list below indicates, many of the costs result from getting your mortgage. At Alternative Mortgage Group, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Loan Estimate".

Loan Estimates (LEs)

Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this cost estimate on our many years of past experience. It's important to note that while our LEs are very precise, we cannot always estimate your costs to the penny. We field buyers' questions about these costs every day at Alternative Mortgage Group, so don't hesitate to contact us if you have questions.

We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Alternative Mortgage Group, 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
  • Up-front Interest Payment
  • Escrow Fees
  • Various Taxes
  • Loan Origination Fee
  • Points — These are costs you pay up-front to lower your interest rate (optional)
  • Appraisal Costs
  • Getting YourCredit Report
Property Taxes
  • Insurance
  • Transfer Taxes and Recording Fees
Homeowners Insurance
  • Flood / Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

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

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Alternative Mortgage Group

80 SW 14 Ave
Boca Raton, FL 33486