All residential real estate transactions incurs certain costs. Sellers and buyers almost always split these costs, as the sales contract specifies.
Many of the closing costs associated with buying residential real estate are associated with getting the loan. At Metro Mortgage, we are highly experienced in mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the LE are estimated based on our experience with mortgage loans, but costs usually vary by small amounts between the LE and closing. We handle questions about these costs every day at Metro Mortgage, so please be sure to ask if you have questions.
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 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 Credit Report Up-front Interest Payment Escrow Fees TaxesCosts associated with "originating" your loan Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Fee Property Taxes Insurance Transfer Taxes & Recording Fees Homeowners Insurance Flood or Quake Insurance Private Mortgage Insurance (PMI) Title Insurance
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