What are Closing Costs?

"Closing Costs" are the fees that pay for the various services involved in the sale of a house. Buyers and sellers negotiate to decide how to share these closing costs.

Many of the closing costs associated with buying residential real estate are associated with getting a mortgage loan. Since Power Purchase Mortgage is highly experienced with closings & mortgages, we are closing cost experts.

Loan Estimates (LEs)

Soon after you submit your application, we'll provide you with a "Loan Estimate" of your costs. We base this cost estimate on our many years of past experience. It's important to note that while our LEs are very accurate, we can't always estimate your closing costs to the penny. We explain LEs with buyers every day, so we are happy to answer your questions about closing costs.

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

Standard Closing Costs

Loan-Related Costs
  • Loan Origination Fee
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Costs
  • Credit Report
  • Interest Payment
  • Escrow Fees
  • Taxes
Property Taxes
  • Insurance
  • Recording Fees and Transfer Taxes
Homeowners Insurance
  • Flood / Quake Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance

At Power Purchase Mortgage, we answer questions about closing costs every day. Give us a call: (800)593-0143.

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