All residential real estate sales incurs costs. Buyers and sellers almost always split these costs, as specified in the sales contract.
Many of the costs associated with buying a home are associated with getting the loan. Since Power Purchase Mortgage has extensive experience with mortgages and closings, we can help you understand your closing costs.
Very soon after you submit your application, we will provide you with a "Loan Estimate" of your costs. The closing costs spelled out in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often vary a little bit between delivery of the LE and closing. We field buyers' questions about these costs every day at Power Purchase Mortgage, so please be sure to ask if we can help answer your questions.
Below is a general list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs Credit Report Up-front Interest Payment Escrow Fees Various TaxesLoan Origination Fee Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Fee Property Taxes Insurance Transfer Taxes and Recording Fees Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood / Earthquake Insurance
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