"Closing Costs" are the fees which cover the various services involved when you sell or buy a home. Sellers and buyers often negotiate to decide how to split these costs.
As you'll see below, many of the closing costs result from getting your mortgage. At Metro Mortgage, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Loan Estimate".
Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this closing cost estimate on our extensive past experience. Please note that while our LEs are very accurate, we cannot always estimate your closing costs to the penny. We review Loan Estimates with buyers every day, so we will be happy to answer your questions about closing costs.
Below is a general list of costs for buying a home. We will always provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs Loan-related costs Points — A fee paid to lower your interest rate (optional) Appraisal Costs Obtaining Your Credit Report Up-front Interest Payment Escrow Fees Taxes Property Taxes InsuranceRecording Fees and Transfer Taxes Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood / Quake Insurance
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