About Closing Costs
There are certain standard costs related to closing the sale of a home. Sellers and buyers customarily split these closing costs, as specified in the sales contract.
As indicated below, many of the buyer's costs cover the costs of getting the loan. At Power Purchase Mortgage, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Loan Estimate".
Loan Estimates (LEs)
Very shortly after you submit your application, we will provide you with a "Loan Estimate" of your costs. The closing costs specified in the Loan Estimate are estimated based on Power Purchase Mortgage's experience with mortgage loans, but costs usually change by small amounts between delivery of the LE and closing. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that sometimes change slightly at the closing table.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you complete your loan application. At Power Purchase Mortgage, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Costs associated with "originating" your loan
- Points — A fee paid to lower your interest rate (optional)
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
At Power Purchase Mortgage, we answer questions about closing costs every day. Call us: (800)593-0143.