All residential real estate transactions incurs costs. Buyers and sellers customarily split these costs, as specified in the sales contract.
As you'll see below, many of the closing costs result from getting your mortgage loan. At Power Purchase Mortgage, we have extensive experience in mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Loan Estimate".
Very shortly after you submit your application, we will give you a "Loan Estimate" of your closing costs. The closing cost estimate comes out of the loan officer's past experience. Please note that while our LEs are very accurate, we can't always estimate your costs to the penny. We review LEs with buyers every day, so we are happy to answer your questions about closing costs.
Below you'll find a general list of costs for buying residential real estate. We will provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs Loan-Related Costs Appraisal Costs Credit Report Up-front Interest Payment Escrow Account TaxesCosts associated with "originating" your loan Points — A fee paid to lower your interest rate (optional) Property Taxes InsuranceRecording Fees & Transfer Taxes Homeowners Insurance Flood or Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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