What are Closing Costs?

Certain standard costs are associated with closing the sale of a house. Sellers and buyers almost always share these closing costs, as specified in the sales contract.

As indicated below, many of the buyer's closing costs are related to the costs of getting the loan. Since Power Purchase Mortgage is highly experienced with closings and mortgages, we can help you understand your closing costs.

Loan Estimates (LEs)

Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the Loan Estimate are estimated based on Power Purchase Mortgage's experience with mortgage loans, but costs often change a little bit between delivery of the LE and closing. We review Loan Estimates with buyers every day, so we'd be glad to answer any questions you have about closing costs.

Below you'll find a fairly generic list of closing costs. We will always provide a specific list of your closing costs when we provide your Loan Estimate.

Standard Closing Costs

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

Power Purchase Mortgage can answer questions about these closing costs. Give us a call at (800)593-0143.

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