"Closing Costs" are the fees that cover various services involved in the sale of a house. Buyers & sellers often negotiate to determine who will pay different portions of these costs.
Many of the closing costs associated with buying a house are associated with getting a mortgage. Since Power Purchase Mortgage has extensive experience with mortgages and closings, we are closing cost experts.
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this cost estimate on our many years of past experience. Please note that while our LEs are very precise, we cannot always predict costs to the penny. We explain Loan Estimates with buyers every day, so we'd be glad to answer any questions you have about closing costs.
Below you'll find a fairly generic list of closing costs. We will provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs Interest Payment Escrow Account Various TaxesLoan-related costs Points — A fee paid to lower your interest rate (optional) Appraisal Costs Credit Report Property Taxes InsuranceRecording Fees and Transfer Taxes Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood or Earthquake Insurance
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