Every home sale incurs fixed costs. Sellers and buyers almost always split these costs, as specified in the real estate sales contract.
Many of the closing costs associated with buying a house are associated with getting the mortgage loan. Since Power Purchase Mortgage has extensive experience with mortgages & closings, we often explain the details of closing costs.
Soon after you apply for a loan, we will give you a "Loan Estimate" of your costs. The closing cost estimate comes out of the loan officer's past experience. It's important to note that while our LEs are very precise, we can't always estimate your closing costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes change slightly at closing.
Below is a general list of closing costs. We will provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Costs related to "originating" your loan Points — A fee paid to lower your interest rate (optional) Appraisal Fee Pulling Your Credit Report Up-front Interest Payment Escrow Account Various Taxes
Insurance Transfer Taxes and Recording Fees
Title Insurance Flood / Quake Insurance Private Mortgage Insurance (PMI)
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