"Closing Costs" are the fees which cover the various services involved in the sale of residential real estate. Buyers and sellers often negotiate to decide how to share these closing costs.
Many of the closing costs associated with buying residential real estate are associated with getting the loan. Since Power Purchase Mortgage has extensive experience with closings and mortgages, we are closing cost experts.
Soon after you submit your application, we will provide you with a "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 delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that sometimes change slightly at closing.
We've provided a general list of closing costs below, but we'll give 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
Up-front Interest Payment Escrow Account TaxesCosts associated with "originating" your loan Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Fee Credit Report
Transfer Taxes and Recording Fees Insurance
Title Insurance Flood or Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
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