"Closing Costs" are the fees that pay for the various services involved in the sale of a home. Sellers & buyers almost always negotiate the payment of these closing costs.
Many of the costs associated with buying a house are associated with getting the mortgage loan. At Prime Capital Mortgage Corp, we have extensive experience in 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 at the time the loan application is submitted to the lender. The closing costs spelled out in the Loan Estimate are estimated based on Prime Capital Mortgage Corp's experience with mortgage loans, but costs usually change a little bit between the Loan Estimate (LE) and closing. 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.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you complete your application. At Prime Capital Mortgage Corp, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Loan Origination Fee
- Points — lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
Prime Capital Mortgage Corp can help you understand closing costs. Call us: 248-644-1200.
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