"Closing Costs" are the fees which cover the various services involved in the sale of a home. Sellers & buyers usually negotiate to decide how to share these closing costs.
As indicated below, many of the costs result from getting your loan. Since Metro Mortgage has extensive experience with mortgages & closings, we are closing cost experts.
Very soon after you submit your application, we'll provide you with a "Loan Estimate" of your closing costs. The closing costs enumerated in the LE are estimated based on our experience with mortgage loans, but costs usually change by small amounts between the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that can change slightly at closing.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you have completed your application. At Metro Mortgage, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs Loan-Related Costs Loan-related costs Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Fee Credit Report Interest Payment Escrow Account Taxes Property Taxes Insurance Transfer Taxes and Recording Fees Homeowners Insurance Title Insurance Flood / Earthquake Insurance Private Mortgage Insurance (PMI)
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