"Closing Costs" are the fees which pay for various services involved in the sale of residential real estate. Buyers & sellers usually negotiate to decide how to share these closing costs.
As you'll see below, many of the costs result from getting your mortgage. Since Metro Mortgage has extensive experience with closings and mortgages, we often explain the details of closing costs.
Very shortly after you submit your application, we will provide you with the "Loan Estimate" of your closing costs. The closing costs specified in the LE are estimated based on Metro Mortgage's experience with mortgage loans, but costs usually change by small amounts between the LE and closing. We explain Loan Estimates with buyers almost every day, so we'd be glad to answer your questions about closing costs.
Below is a fairly generic list of closing costs. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs Loan-Related Costs TaxesLoan Origination Fee Points — A fee paid to lower your interest rate (optional) Appraisal Fee Getting Your Credit Report Interest Payment Escrow Fees Property Taxes Insurance Transfer Taxes & Recording Fees Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood or Earthquake Insurance
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