"Closing Costs" are the fees which pay for various services involved in the sale of residential real estate. Sellers and buyers often negotiate the payment of these closing costs.
Many of the costs associated with buying a home are associated with getting the mortgage. At Power Purchase Mortgage, we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Very shortly after you apply for a loan, we'll provide you with a "Loan Estimate" of your costs. We base this closing cost estimate on our extensive past experience. Please note that while our LEs are very accurate, we can't always predict your costs to the penny. We field buyers' questions about closing costs every day at Power Purchase Mortgage, so please feel free to ask if you have questions.
Below you'll find a generic list of closing costs. We will always provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
Escrow Account Various TaxesLoan Origination Fee Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Credit Report Interest Payment
InsuranceRecording Fees & Transfer Taxes
Private Mortgage Insurance (PMI) Title Insurance Flood / Quake Insurance if applicable
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