Certain standard costs are related to closing the sale of a home. Sellers and buyers customarily share these closing costs, as specified in the real estate sales contract.
As you'll see below, many of the closing costs result from getting your mortgage loan. At Metro Mortgage, we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of mortgage-related costs in your "Loan Estimate".
Buyers will receive 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 accurate, we can't always estimate your costs to the penny. We answer questions about closing costs every day at Metro Mortgage, so please be sure to ask if we can help answer your questions.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Metro Mortgage, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Various TaxesLoan Origination Fee Points — lower your interest rate (optional) Appraisal Fee Getting Your Credit Report Interest Payment Escrow Account
Insurance Transfer Taxes & Recording Fees
Private Mortgage Insurance (PMI) Title Insurance Flood or Quake Insurance
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