Every home sale involves fixed costs. Buyers and sellers usually split these costs, as the real estate sales contract specifies.
As the list below indicates, many of the costs result from getting your loan. Since Power Purchase Mortgage has extensive experience with closings & mortgages, we often explain the details of closing costs.
Soon after you submit your application, we'll give you 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 usually change a little bit between the LE and closing. We review Loan Estimates with buyers every day, so we'd be glad to answer your questions about closing costs.
Below is a general list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs Loan-Related Costs Points — lower your interest rate (optional) Appraisal Fee Credit Report Interest Payment Escrow Account TaxesCosts related to "originating" your loan Property Taxes Recording Fees & Transfer Taxes Insurance Homeowners Insurance Flood / Quake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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