What are Closing Costs?
"Closing Costs" are the fees which cover various services involved in the sale of a house. Buyers and sellers negotiate these costs.
As the list below indicates, many of the costs result from getting your mortgage. At Prime Capital Mortgage Corp, we are highly experienced in mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this closing cost estimate on our extensive past experience. Please note that while our LEs are very precise, we can't always predict your closing costs to the penny. We handle questions about closing costs every day at Prime Capital Mortgage Corp, so please be sure to contact us if you have questions.
Below is a general list of closing costs. We will provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
- Escrow Fees
- Various Taxes
- Costs related to "originating" your loan
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Getting Your Credit Report
- Interest Payment
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance
Prime Capital Mortgage Corp can answer questions about these closing costs. Give us a call: 248-644-1200.
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