How do Closing Costs Work?

"Closing Costs" are the fees that cover the various services involved in the sale of a home. Sellers and buyers often negotiate to determine who will pay different portions of these closing costs.

As indicated below, many of the buyer's costs cover the costs of originating the mortgage loan. Since Community Trust Lending Team at Norcom Mortgage-NMLS ID#71655 is highly experienced with mortgages & closings, we can help you understand your closing costs.

Loan Estimate (Also known as the LE)

Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this cost estimate on our many years of past experience. Please note that while our LEs are very precise, we cannot always predict costs to the penny. We answer questions about these costs every day at Community Trust Lending Team at Norcom Mortgage-NMLS ID#71655, so please feel free 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, very soon after you complete your application. At Community Trust Lending Team at Norcom Mortgage-NMLS ID#71655, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

Standard Closing Costs

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

At Community Trust Lending Team at Norcom Mortgage-NMLS ID#71655, we answer questions about closing costs every day. Give us a call at (203) 526-9345.

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