"Closing Costs" are the fees which cover the various services involved in the sale of residential real estate. Buyers & sellers almost always negotiate to determine who will pay different portions of these closing costs.
As indicated below, many of the buyer's closing costs cover the costs of getting the mortgage loan. At Metro Mortgage, we are highly experienced in mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Loan Estimate".
Very shortly after you submit your application, we will give you a "Loan Estimate" of your costs. We base this closing cost estimate on our many years of past experience. Please note that while our LEs are very precise, we cannot always predict costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that sometimes vary a little bit at closing.
Below is a fairly general 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 Escrow Account Various TaxesCosts associated with "originating" your loan Points — lower your mortgage interest rate (optional) Appraisal Fee Pulling Your Credit Report Up-front Interest Payment Property Taxes InsuranceRecording Fees & Transfer Taxes Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood or Quake Insurance if applicable
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