All residential real estate sales incurs certain costs. Buyers and sellers almost always share these closing costs, as the sales contract specifies.
Many of the costs associated with buying a home are associated with getting the mortgage loan. Since Power Purchase Mortgage is highly experienced with closings and mortgages, we are closing cost experts.
Buyers will get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the GFE are estimated based on our experience with mortgage loans, but costs usually vary by small amounts between the GFE and closing. We explain Good Faith Estimates with buyers every day, so we will be happy to answer any questions you have 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 complete your loan application. At Power Purchase Mortgage, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Fee Obtaining Your Credit Report Interest Payment Escrow Account Various TaxesLoan Origination Fee
Transfer Taxes & Recording Fees Insurance
Title Insurance Flood or Earthquake Insurance Private Mortgage Insurance (PMI)
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