"Closing Costs" are the fees that pay for the various services involved in the sale of residential real estate. Buyers & sellers often negotiate to determine who will pay different portions of these costs.
As you'll see below, many of the buyer's closing costs cover the costs of originating the mortgage loan. At Prime Capital Mortgage Corp, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Loan Estimate".
Loan Estimates (LEs)
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing cost estimate comes out of our past experience. It's important to note that while our LEs are very accurate, we cannot always predict costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that sometimes change slightly at closing.
Below you'll find a generic list of closing costs. We will provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Costs related to "originating" your loan
- Points — A fee paid to lower your interest rate (optional)
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
Prime Capital Mortgage Corp can answer questions about these closing costs. Give us a call: 248-644-1200.
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