"Closing Costs" are the fees that cover the various services involved when you sell or buy a house. Sellers and buyers usually negotiate the payment of these costs.
Many of the closing costs associated with buying residential real estate are associated with getting a mortgage. Since Metro Mortgage is highly experienced with closings & mortgages, we often explain the details of closing costs.
Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing cost estimate is based on the loan officer's past experience. Please note that while our LEs are very accurate, we can't always predict costs to the penny. We handle questions about these costs every day at Metro Mortgage, so don't hesitate to contact us if you have questions.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, very soon after you have completed your 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
TaxesLoan-related costs Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Obtaining Your Credit Report Up-front Interest Payment Escrow Account
Transfer Taxes and Recording Fees Insurance
Private Mortgage Insurance (PMI) Title Insurance Flood / Quake Insurance if applicable
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