There are certain standard costs related to closing the sale of a home. Buyers and sellers usually share these costs, as the real estate sales contract specifies.
As indicated below, many of the buyer's costs are related to the costs of originating the loan. Since Metro Mortgage is highly experienced with closings & mortgages, we are closing cost experts.
Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the LE are estimated based on Metro Mortgage's experience with mortgage loans, but costs usually change by small amounts between the LE and closing. We explain LEs with buyers almost every day, so we will be happy to answer any questions you have about closing costs.
Below is a fairly generic list of closing costs. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs Appraisal Costs Credit Report Interest Payment Escrow Account Various TaxesCosts associated with "originating" your loan Points — These are costs you pay up-front to lower your interest rate (optional) Property Taxes Recording Fees & Transfer Taxes Insurance Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood / Earthquake Insurance if applicable
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