"Closing Costs" are the fees which pay for the various services involved in the sale of residential real estate. Buyers and sellers negotiate to decide how to split these closing costs.
As indicated below, many of the buyer's closing costs cover the costs of getting the loan. Since Metro Mortgage is highly experienced with mortgages and closings, we are closing cost experts.
Very soon after you apply for a loan, we'll provide you with a "Loan Estimate" of your closing costs. The closing costs enumerated in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually change a little bit between the Loan Estimate (LE) and closing. We go over LEs with buyers almost every day, so we are happy to answer the you have about closing costs.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, soon after you have completed your loan application. At Metro 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 Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Fee Credit Report Interest Payment Escrow Account Various TaxesCosts associated with "originating" your loan Property Taxes Transfer Taxes and Recording Fees Insurance Homeowners Insurance Title Insurance Flood or Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.