"Closing Costs" are the fees which cover various services involved when you sell or buy a house. Sellers and buyers often negotiate to determine who will pay different portions of these closing costs.
As indicated below, many of the buyer's costs are related to the costs of originating the loan. Since Metro Mortgage has extensive experience with mortgages and closings, we can help you understand your closing costs.
Soon after you apply for a loan, we will provide you with the "Loan Estimate" of your costs. The closing costs enumerated in the Loan Estimate are estimated based on Metro Mortgage's experience with mortgage loans, but costs usually vary a little bit between the LE and closing. We handle buyers' questions about these costs every day at Metro Mortgage, so don't hesitate to contact us if you have questions.
Below is a general 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 Various TaxesLoan-related costs Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Costs Credit Report Up-front Interest Payment Escrow Account Property Taxes Transfer Taxes and Recording Fees Insurance Homeowners Insurance Flood or Earthquake Insurance Private Mortgage Insurance (PMI) Title Insurance
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