"Closing Costs" are the fees which cover the various services involved in the sale of a home. Sellers & buyers often negotiate to determine who will pay different portions of these closing costs.
As indicated below, many of the buyer's closing costs cover the costs of originating the loan. At Power Purchase Mortgage, we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Loan Estimate".
Soon after you submit your application, we will provide you with a "Loan Estimate" of your closing costs. The closing costs specified in the LE are estimated based on Power Purchase Mortgage's experience with mortgage loans, but costs often change a little bit between the LE and closing. We go over 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 generic list of closing costs. We will always 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 — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Pulling Your Credit Report Up-front Interest Payment Escrow Fees Various Taxes Property Taxes Recording Fees & Transfer Taxes Insurance Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood or Quake Insurance
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