"Closing Costs" are the fees which cover 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 indicated below, many of the buyer's closing costs cover the costs of originating the loan. At Prime Capital Mortgage Corp, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on 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 cost estimate is based on the loan officer's past experience. It's important to note that while our LEs are very precise, we can't always predict your closing costs to the penny. We field buyers' questions about these costs every day at Prime Capital Mortgage Corp, so don't hesitate to contact us if you have questions.
Below is a general list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
- Credit Report
- Interest Payment
- Escrow Account
- Costs related to "originating" your loan
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
At Prime Capital Mortgage Corp, we answer questions about closing costs every day. Call us at 248-644-1200.
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