What are Closing Costs?
"Closing Costs" are the fees which pay for the various services involved in the sale of a house. Sellers and buyers usually negotiate the payment of these closing costs.
As indicated below, many of the costs result from getting your loan. At Prime Capital Mortgage Corp, we have extensive experience in mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Soon after you submit your application, we will provide you with the "Loan Estimate" of your costs. The closing costs specified in the LE are estimated based on Prime Capital Mortgage Corp's experience with mortgage loans, but costs often change a little bit between delivery of the Loan Estimate (LE) and closing. We go over Loan Estimates with buyers almost every day, so we will be happy to answer your questions about closing costs.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you have completed your application. At Prime Capital Mortgage Corp, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Getting YourCredit Report
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
Prime Capital Mortgage Corp can help you understand closing costs. Call us: 248-644-1200.
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