"Closing Costs" are the fees that pay for various services involved when you sell or buy a house. Sellers and buyers negotiate to determine who will pay different portions of these closing costs.
Many of the closing costs associated with buying a home are associated with getting the mortgage. Since Metro Mortgage has extensive experience with closings and mortgages, we can help you understand your closing costs.
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the LE are estimated based on Metro Mortgage's experience with mortgage loans, but costs often vary by small amounts between delivery of the LE and closing. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that sometimes change slightly at the closing table.
Below is a general list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs Loan-Related Costs Loan Origination Fee Points — A fee paid to lower your interest rate (optional) Appraisal Costs Credit Report Up-front Interest Payment Escrow Fees Taxes Property Taxes InsuranceRecording Fees & Transfer Taxes Homeowners Insurance Title Insurance Flood or Quake Insurance Private Mortgage Insurance (PMI)
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