"Closing Costs" are the fees that cover the various services involved in the sale of a house. Sellers & buyers usually negotiate to decide how to share these costs.
As you'll see below, many of the buyer's closing costs are related to the costs of originating the loan. At Metro Mortgage, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Very shortly after you apply for a loan, we'll give you a "Loan Estimate" of your costs. This closing cost estimate is based on the loan officer's past experience. Please note that while our LEs are very accurate, we cannot always estimate your closing costs to the penny. We go over LEs with buyers every day, so we'd be glad to answer the you have about closing costs.
Below is a generic list of closing costs. We will provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs Loan-Related Costs Loan Origination Fee Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Obtaining Your Credit Report Up-front Interest Payment Escrow Fees Various Taxes Property Taxes Transfer Taxes & Recording Fees Insurance Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood or Earthquake Insurance
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