How do Closing Costs Work?

At Moneyline Mortgage, Inc., we answer questions about closing costs every day. Call us: 813-645-9004.

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All residential real estate sales incurs fixed costs. Buyers customarily incur these closing costs, as specified in the sales contract, however, depending on State law the seller may have to split a portion of the closing costs. "Closing Costs" are the fees that pay for the various services involved in the sale of a home. These fees might be paid directly or indirectly by increasing the loan amount or charging a higher interest rate.

As indicated below, many of the buyer's closing costs are related to the costs of getting the loan. At Moneyline Mortgage, Inc., we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs in your estimate.

Getting The Loan Estimate

Within three days after you apply for a loan, we will give you a Loan Estimate. The Loan Estimate details information like insurance and taxes, closing costs, monthly payments and more. This estimate is not an approval, rather it's the first step toward obtaining your loan.

We field buyers' questions about closing costs every day at Moneyline Mortgage, Inc., so don't hesitate to ask if you have questions.

We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you have completed your application. At Moneyline Mortgage, Inc., we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

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Standard Closing Costs

Loan-Related Costs

• Costs associated with "originating" your loan
• Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
• Appraisal Costs
• Credit Report
• Up-front Interest Payment
• Escrow Fees

Property Taxes

• Transfer Taxes and Recording Fees
• Insurance

Homeowners Insurance

• Flood or Earthquake Insurance
• Private Mortgage Insurance (PMI)
• Title Insurance