"Closing Costs" are the fees that pay for various services involved when you sell or buy a home. Buyers & sellers negotiate the payment of these costs.
As the list below indicates, many of the closing costs result from getting your mortgage loan. Since Metro Mortgage is highly experienced with closings and mortgages, we are closing cost experts.
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the LE are estimated based on our experience with mortgage loans, but costs usually change by small amounts between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that can vary a little bit at the closing table.
We've provided a general list of closing costs below, but we'll provide 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 Interest Payment Escrow Fees TaxesCosts associated with "originating" your loan Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Pulling YourCredit Report Property Taxes Transfer Taxes and Recording Fees Insurance Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood / Earthquake Insurance if applicable
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