"Closing Costs" are the fees that cover various services involved when you sell or buy residential real estate. Buyers & sellers almost always negotiate to determine who will pay different portions of these closing costs.
As indicated below, many of the buyer's costs are related to the costs of getting the loan. Since Power Purchase Mortgage has extensive experience with mortgages and closings, we are closing cost experts.
Very soon after you submit your application, we'll give you the "Loan Estimate" of your closing costs. The closing cost estimate comes out of the loan officer's past experience. Please note that while our LEs are very precise, we can't always predict your closing costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that can vary a little bit at closing.
We've provided a general list of closing costs below, but we will 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 Loan-Related Costs Obtaining YourCredit Report Up-front Interest Payment Escrow Fees Various TaxesCosts related to "originating" your loan Points — A fee paid to lower your interest rate (optional) Appraisal Costs Property Taxes Recording Fees & Transfer Taxes Insurance Homeowners Insurance Flood / Quake Insurance Private Mortgage Insurance (PMI) Title Insurance
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