"Closing Costs" are the fees which pay for various services involved in the sale of a house. Buyers & sellers negotiate the payment of these closing costs.
As you'll see below, many of the buyer's closing costs are related to the costs of getting the loan. At Power Purchase Mortgage, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your "Loan Estimate".
Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually change by small amounts between delivery of the Loan Estimate (LE) and closing. We handle buyers' questions about these costs every day at Power Purchase Mortgage, so don't hesitate to contact us if you have questions.
Below is a general list of costs for buying a home. We will always provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs Loan-Related Costs Costs associated with "originating" your loan Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Fee Credit Report Interest Payment Escrow Fees Various Taxes Property Taxes Recording Fees and Transfer Taxes Insurance Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood / Quake Insurance if applicable
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