All residential real estate sales incurs costs. Buyers and sellers usually split these closing costs, as the real estate sales contract specifies.
As indicated below, many of the buyer's closing costs are related to the costs of originating 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 costs. The closing costs enumerated in the LE are estimated based on Metro Mortgage's experience with mortgage loans, but costs usually vary a little bit between the LE and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that sometimes change slightly at the closing table.
Below you'll find a fairly generic list of closing costs. We will always provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs Up-front Interest Payment Escrow Fees TaxesLoan-related costs Points — lower your mortgage interest rate (optional) Appraisal Costs Pulling YourCredit Report Property Taxes Insurance Transfer Taxes & Recording Fees Homeowners Insurance Flood / Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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