Certain standard costs are associated with closing the sale of a house. Sellers and buyers customarily split these closing costs, as the sales contract specifies.
As indicated below, many of the buyer's costs cover the costs of originating the mortgage loan. Since Metro Mortgage has extensive experience with closings & mortgages, we often explain the details of closing costs.
Very soon after you submit your application, we will provide you with the "Loan Estimate" of your closing costs. The closing costs specified in the LE are estimated based on Metro Mortgage's experience with mortgage loans, but costs usually vary a little bit between the LE and closing. We review LEs with buyers almost every day, so we'd be glad to answer your questions about closing costs.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, soon after you have completed your loan application. At Metro 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 Account Various TaxesLoan Origination Fee Points — lower your mortgage interest rate (optional) Appraisal Fee Getting Your Credit Report Up-front Interest Payment Property Taxes Recording Fees & Transfer Taxes Insurance Homeowners Insurance Title Insurance Flood or Quake Insurance Private Mortgage Insurance (PMI)
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