"Closing Costs" are the fees that pay for various services involved in the sale of a house. Sellers and buyers negotiate these costs.
As indicated below, many of the closing costs result from getting your loan. At Metro Mortgage, we are highly experienced in mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Very soon after you submit your application, we will give you a "Loan Estimate" of your closing costs. We base this cost estimate on our many years of past experience. It's important to note that while our LEs are very precise, we can't always estimate your closing costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that can change slightly at closing.
Below you'll find a fairly generic list of closing costs. We will always provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Fee Obtaining Your Credit Report Interest Payment Escrow Account TaxesCosts related to "originating" your loan Property Taxes Recording Fees and Transfer Taxes Insurance Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood / Earthquake Insurance if applicable
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