How do Closing Costs Work?

There are certain standard costs associated with closing the sale of a home. Sellers and buyers customarily share these closing costs, as the real estate sales contract specifies.

As you'll see below, many of the costs result from getting your loan. Since Bright Vision Mortgage has extensive experience with closings and mortgages, 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. This closing cost estimate is based on the loan officer's past experience. It's important to note that while our LEs are very precise, we can't always estimate your closing costs to the penny. We go over Loan Estimates with buyers almost every day, so we will be happy to answer your questions about closing costs.

We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At Bright Vision Mortgage, 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
  • Pulling YourCredit Report
  • Up-front Interest Payment
  • Escrow Fees
  • Various Taxes
  • Loan Origination Fee
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Costs
Property Taxes
  • Insurance
  • Transfer Taxes and Recording Fees
Homeowners Insurance
  • Flood or Quake Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance

Bright Vision Mortgage can help you understand closing costs. Give us a call at (904) 342-3622.

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