All residential real estate sales incurs costs. Sellers and buyers almost always share these closing costs, as specified in the real estate sales contract.
Many of the costs associated with buying a house are associated with getting the mortgage loan. At Metro Mortgage, we are highly experienced in mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Loan Estimate".
Soon after you apply for a loan, we'll give you a "Loan Estimate" of your closing costs. The closing costs specified in the Loan Estimate are estimated based on Metro Mortgage's experience with mortgage loans, but costs usually vary by small amounts between delivery of the LE and closing. We go over Loan Estimates with buyers every day, so we'd be glad to answer your questions about closing costs.
Below is a fairly generic list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs Escrow Account TaxesLoan-related costs Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Fee Obtaining Your Credit Report Interest Payment Property Taxes Recording Fees & Transfer Taxes Insurance Homeowners Insurance Flood / Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.