"Closing Costs" are the fees that pay for the various services involved when you sell or buy a house. Buyers and sellers negotiate to decide how to split these closing costs.
As you'll see below, many of the closing costs result from getting your mortgage loan. Since Metro Mortgage is highly experienced with closings and mortgages, we often explain the details of closing costs.
Soon after you apply for a loan, we will give you the "Loan Estimate" of your costs. We base this cost estimate on our extensive past experience. It's important to note that while our LEs are very accurate, we can't always predict your closing costs to the penny. We review Loan Estimates with buyers every day, so we are happy to answer your questions about closing costs.
We've provided a general list of closing costs below, but we'll provide 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'll be sure to let you know immediately.
Standard Closing Costs
Loan-related costs Points — lower your mortgage interest rate (optional) Appraisal Fee Pulling Your Credit Report Interest Payment Escrow Fees Taxes
Recording Fees & Transfer Taxes Insurance
Title Insurance Flood or Earthquake Insurance Private Mortgage Insurance (PMI)
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