There are certain standard costs associated with closing the sale of a house. Sellers and buyers customarily share these costs, as specified in the real estate sales contract.
As you'll see below, many of the closing costs result from getting your loan. Since Metro Mortgage has extensive experience with mortgages & closings, we are closing cost experts.
Soon after you apply for a loan, we will provide you with the "Loan Estimate" of your costs. We base this cost estimate on our extensive past experience. It's important to note that while our LEs are very accurate, we can't always predict closing costs to the penny. We field buyers' questions about these costs every day at Metro Mortgage, so please feel free to ask if we can help answer your questions.
Below is a fairly generic list of closing costs. We will provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs Loan-Related Costs Appraisal Fee Pulling Your Credit Report Interest Payment Escrow Account TaxesLoan-related costs Points — These are costs you pay up-front to lower your interest rate (optional) Property Taxes Insurance Transfer Taxes and Recording Fees Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood / Earthquake Insurance if applicable
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