"Closing Costs" are the fees which cover the various services involved in the sale of a house. Buyers & sellers almost always negotiate to decide how to share these costs.
As indicated below, many of the costs result from getting your mortgage loan. Since Metro Mortgage is highly experienced with closings & mortgages, we often explain the details of closing costs.
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the GFE are estimated based on our experience with mortgage loans, but costs often vary a little bit between delivery of the Good Faith Estimate (GFE) and closing. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that can vary a little bit at the closing table.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, soon after you complete your loan 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
Appraisal Fee Credit Report Up-front Interest Payment Escrow Fees TaxesLoan-related costs Points — A fee paid to lower your mortgage interest rate (optional)
Insurance Transfer Taxes and Recording Fees
Flood or Earthquake Insurance Private Mortgage Insurance (PMI) Title Insurance
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