"Closing Costs" are the fees that pay for the various services involved when you sell or buy a house. Sellers & buyers negotiate the payment of these closing costs.
Many of the closing costs associated with buying a house are associated with getting a loan. Since Power Purchase Mortgage is highly experienced with closings and mortgages, we often explain the details of closing costs.
Very soon after you submit your application, we will provide you with the "Loan Estimate" of your closing costs. The closing costs enumerated in the LE are estimated based on our experience with mortgage loans, but costs usually vary a little bit between the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can vary a little bit at the closing table.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, soon after you complete your application. At Power Purchase Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs Loan-Related Costs Interest Payment Escrow Fees Various TaxesLoan Origination Fee Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Costs Pulling YourCredit Report Property Taxes Transfer Taxes & Recording Fees Insurance Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood or Quake Insurance
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