Certain standard costs are related to closing the sale of a home. Sellers and buyers customarily split these closing costs, as specified in the real estate sales contract.
As you'll see below, many of the buyer's closing costs are related to the costs of originating the mortgage loan. Since Metro Mortgage is highly experienced with mortgages & closings, we can help you understand your closing costs.
Soon after you submit your application, we will give you the "Loan Estimate" of your costs. This cost estimate is based on the loan officer's past experience. It's important to note that while our LEs are very accurate, we can't always predict closing costs to the penny. We field buyers' questions about these costs every day at Metro Mortgage, so don't hesitate to ask if you have questions.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed your 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 TaxesLoan-related costs Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Pulling Your Credit Report Up-front Interest Payment Escrow Account Property Taxes Transfer Taxes & Recording Fees Insurance Homeowners Insurance Flood / Quake Insurance Private Mortgage Insurance (PMI) Title Insurance
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