All residential real estate transactions incurs certain fixed costs. Sellers and buyers customarily split these costs, as the sales contract specifies.
As you'll see below, many of the buyer's closing costs are related to the costs of getting the mortgage loan. Since Metro Mortgage has extensive experience with mortgages and closings, we often explain the details of closing costs.
Buyers will receive a "Loan Estimate" of closing costs around 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 can't always estimate your closing costs to the penny. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that sometimes change slightly at closing.
Below is a general list of costs for buying a home. We will provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs Loan-Related Costs Getting YourCredit Report Up-front Interest Payment Escrow Fees Various TaxesCosts associated with "originating" your loan Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Costs Property Taxes Insurance Transfer Taxes and Recording Fees Homeowners Insurance Title Insurance Flood / Quake Insurance Private Mortgage Insurance (PMI)
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