What are Closing Costs?

"Closing Costs" are the fees that cover various services involved in the sale of residential real estate. Sellers and buyers often negotiate the payment of these closing costs.

Many of the closing costs associated with buying a home are associated with getting a loan. Since Abbey Mortgage has extensive experience with closings and mortgages, we can help you understand your closing costs.

Loan Estimate (Also known as the LE)

Very shortly after you submit your application, we will provide you with a "Loan Estimate" of your costs. We base this closing cost estimate on our many years of past experience. It's important to note that while our LEs are very accurate, we cannot always predict 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'll give you a specific list of closing costs, with amounts, very soon after you have completed your application. At Abbey Mortgage, 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
  • Escrow Fees
  • Taxes
  • Costs related to "originating" your loan
  • Points — These are costs you pay up-front to lower your interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Up-front Interest Payment
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Flood / Earthquake Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance

Abbey Mortgage can answer questions about these closing costs. Give us a call: 352-369-4200.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question