Certain standard costs are associated with closing the sale of a house. Sellers and buyers usually split these costs, as specified in the real estate sales contract.
Many of the closing costs associated with buying residential real estate are associated with getting the loan. At Power Purchase Mortgage, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Loan Estimate".
Very shortly after you submit your application, we will give you a "Loan Estimate" of your costs. We base this cost estimate on our many years of past experience. It's important to note that while our LEs are very precise, we can't always predict costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that sometimes vary a little bit at closing.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At Power Purchase Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs Loan-Related Costs Costs related to "originating" your loan Points — lower your mortgage interest rate (optional) Appraisal Costs Credit Report Interest Payment Escrow Fees Various Taxes Property Taxes Insurance Transfer Taxes and Recording Fees Homeowners Insurance Title Insurance Flood / Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
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