Certain standard costs are related to closing the sale of a home. Buyers and sellers usually share these costs, as specified in the real estate sales contract.
As you'll see below, many of the costs result from getting your loan. At Power Purchase Mortgage, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Loan Estimate".
Very soon after you submit your application, we will give you the "Loan Estimate" of your costs. The closing costs enumerated in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often change by small amounts between delivery of the Loan Estimate (LE) and closing. We explain Loan Estimates with buyers almost every day, so we will be happy to answer your questions about closing costs.
Below is 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 Loan-Related Costs Appraisal Fee Pulling Your Credit Report Interest Payment Escrow Fees Various TaxesCosts related to "originating" your loan Points — lower your interest rate (optional) Property Taxes Insurance Transfer Taxes & Recording Fees Homeowners Insurance Title Insurance Flood / Quake Insurance Private Mortgage Insurance (PMI)
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