"Closing Costs" are the fees that cover various services involved when you sell or buy a home. Sellers & buyers negotiate to decide how to split these costs.
Many of the closing costs associated with buying residential real estate are associated with getting the loan. At Metro Mortgage, we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your "Loan Estimate".
Very shortly after you submit your application, we'll provide you with a "Loan Estimate" of your closing costs. The closing costs spelled out in the LE are estimated based on our experience with mortgage loans, but costs usually vary a little bit between delivery of the Loan Estimate (LE) and closing. We field questions about closing costs every day at Metro Mortgage, so please feel free to contact us if we can help answer your questions.
We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Metro Mortgage, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs Loan-Related Costs Escrow Account Various TaxesCosts related to "originating" your loan Points — lower your interest rate (optional) Appraisal Costs Obtaining Your Credit Report Interest Payment Property Taxes Transfer Taxes and Recording Fees Insurance Homeowners Insurance Title Insurance Flood or Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
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