Every home sale involves certain fixed costs. Buyers and sellers usually split these closing costs, as specified in the real estate sales contract.
Many of the costs associated with buying a home are associated with 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 closing costs related to your mortgage in your "Loan Estimate".
Soon after you submit your application, we will give you a "Loan Estimate" of your closing costs. The closing costs enumerated in the Loan Estimate are estimated based on Power Purchase Mortgage's experience with mortgage loans, but costs often change a little bit between 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.
Below you'll find a fairly generic list of closing costs. We will provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs Loan-Related Costs TaxesLoan-related costs Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Fee Getting Your Credit Report Interest Payment Escrow Account Property Taxes Insurance Transfer Taxes & Recording Fees Homeowners Insurance Title Insurance Flood / Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI)
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