What are Closing Costs?
There are certain standard costs associated with closing the sale of a house. Buyers and sellers usually split these closing costs, as specified in the real estate sales contract.
Many of the closing costs associated with buying residential real estate are associated with getting the mortgage. At Prime Capital Mortgage Corp, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs in your "Loan Estimate".
Loan Estimates (LEs)
Very shortly after you submit your application, we'll provide you with the "Loan Estimate" of your closing costs. This closing cost estimate is based on our past experience. Please note that while our LEs are very precise, we can't always predict costs to the penny. We review Loan Estimates with buyers almost every day, so we are happy to answer any questions you have about closing costs.
Below is a fairly generic list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
- Escrow Account
- Various Taxes
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
Prime Capital Mortgage Corp can help you understand closing costs. Give us a call at 248-644-1200.
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