Certain standard costs are related to closing the sale of a home. Buyers and sellers usually share these closing costs, as the sales contract specifies.
Many of the costs associated with buying a house are associated with getting a mortgage loan. Since Metro Mortgage has extensive experience with closings and mortgages, we are closing cost experts.
Very soon after you apply for a loan, we will provide you with a "Loan Estimate" of your costs. We base this closing cost estimate on our extensive past experience. Please note that while our LEs are very precise, we can't always predict closing costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes change slightly at the closing table.
We've provided a general list of these costs below, but we'll give 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 will be sure to let you know immediately.
Standard Closing Costs Loan-Related Costs Costs associated with "originating" your loan Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Costs Getting Your Credit Report Up-front Interest Payment Escrow Fees Taxes Property Taxes Insurance Transfer Taxes and Recording Fees Homeowners Insurance Title Insurance Flood / Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
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