About Closing Costs
"Closing Costs" are the fees that cover the various services involved when you sell or buy residential real estate. Buyers and sellers usually negotiate the payment of these costs.
As indicated below, many of the closing costs result from getting your mortgage. Since Prime Capital Mortgage Corp is highly experienced with mortgages & closings, we are closing cost experts.
The Loan Estimate (LE)
Soon after you submit your application, we will give you a "Loan Estimate" of your closing costs. The closing costs enumerated in the Loan Estimate are estimated based on Prime Capital Mortgage Corp's experience with mortgage loans, but costs often change by small amounts between the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can change slightly at closing.
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 loan 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
- Costs related to "originating" your loan
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
At Prime Capital Mortgage Corp, we answer questions about closing costs every day. Give us a call: 248-644-1200.
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