Every home sale incurs costs. Buyers and sellers usually share these closing costs, as specified in the sales contract.
As you'll see below, many of the closing costs result from getting your mortgage loan. Since Power Purchase Mortgage is highly experienced with mortgages and closings, we often explain the details of closing costs.
Very soon after you apply for a loan, we'll provide you with the "Loan Estimate" of your costs. The cost estimate comes out of the loan officer's past experience. Please note that while our LEs are very precise, we can't always estimate your costs to the penny. We handle questions about closing costs every day at Power Purchase Mortgage, so don't hesitate to ask if you have questions.
Below you'll find a generic list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
Costs associated with "originating" your loan Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Credit Report Up-front Interest Payment Escrow Account Taxes
Transfer Taxes and Recording Fees Insurance
Private Mortgage Insurance (PMI) Title Insurance Flood or Quake Insurance if applicable
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