All residential real estate sales involves fixed costs. Buyers and sellers almost always split these costs, as the sales contract specifies.
As the list below indicates, many of the closing costs result from getting your loan. At Power Purchase Mortgage, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related costs in your "Loan Estimate".
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually vary by small amounts between the LE and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that can vary a little bit at the closing table.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Power Purchase Mortgage, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Escrow Fees Various TaxesLoan-related costs Points — A fee paid to lower your interest rate (optional) Appraisal Costs Credit Report Up-front Interest Payment
Insurance Transfer Taxes & Recording Fees
Flood / Quake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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