How do Closing Costs Work?

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"Closing Costs" are the fees which cover various services involved when you sell or buy residential real estate. Buyers and sellers usually negotiate these costs.

Many of the costs associated with buying a home are associated with getting a mortgage. At Innovative Mortgage Services, we are highly experienced in mortgage lending, so we can provide you with a comprehensive list of closing costs and settlement fees related to your mortgage in your "Good Faith Estimate".

Loan Estimate (also known as the LE)

Soon after you apply for a loan, we'll give you the "Loan Estimate" of your closing costs and prepaid items. This cost estimate comes out of the loan officer's past experience. It's important to note that while our LE's are very accurate, we can't always estimate your costs to the penny. We will be glad to review the "Loan Estimate" answering your questions and pointing out costs that can change slightly at the closing table.

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

Standard Closing Costs

  • Appraisal Fee
  • Obtaining Your Credit Report
  • Up-front Interest Payment
  • Title Fees
  • Taxes
  • Loan-related third party costs
  • Points — lower your mortgage interest rate (optional)
Other costs 
  • Homeowner's and flood Insurance
  • Recording Fees & Transfer Taxes
  • Private Mortgage Insurance (PMI)
At Innovative Mortgage Services, we answer questions about closing costs every day. Call us at (727) 527-1454.

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