What are Closing Costs?

There are certain standard costs related to closing the sale of a house. Buyers and sellers almost always share these closing costs, as the sales contract specifies.

As indicated below, many of the buyer's costs cover the costs of getting the loan. At Metro Mortgage, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Loan Estimate".

Loan Estimates (LEs)

Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing cost estimate comes out of our past experience. Please note that while our LEs are very precise, we can't always estimate costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that can change slightly at closing.

Below is a fairly general list of closing costs. We will provide a specific list of your closing costs when we give you a Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Getting YourCredit Report
  • Interest Payment
  • Escrow Fees
  • Taxes
  • Loan Origination Fee
  • Points — These are costs you pay up-front to lower your interest rate (optional)
  • Appraisal Costs
Property Taxes
  • Insurance
  • Transfer Taxes & Recording Fees
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Quake Insurance if applicable

Metro Mortgage can answer questions about these closing costs. Call us at 866-300-1550.

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