Certain standard costs are related to closing the sale of a home. Buyers and sellers almost always share these costs, as specified in the sales contract.
As you'll see below, many of the costs result from getting your loan. Since Power Purchase Mortgage has extensive experience with closings & mortgages, we can help you understand your closing costs.
Soon after you submit your application, we will provide you with the "Loan Estimate" of your closing costs. The closing costs specified in the Loan Estimate are estimated based on Power Purchase Mortgage's experience with mortgage loans, but costs usually change a little bit between delivery of the Loan Estimate (LE) and closing. We answer questions about closing costs every day at Power Purchase Mortgage, so please feel free to ask if we can help answer your questions.
Below is a generic list of costs for buying a home. We will provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
TaxesLoan-related costs Points — A fee paid to lower your interest rate (optional) Appraisal Costs Credit Report Interest Payment Escrow Account
InsuranceRecording Fees & Transfer Taxes
Flood or Quake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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