What are Closing Costs?
There are certain standard costs associated with closing the sale of a home. Sellers and buyers customarily share these costs, as the sales contract specifies.
Many of the closing costs associated with buying a house are associated with getting the mortgage loan. At Prime Capital Mortgage Corp, we are highly experienced in mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Soon after you submit your application, we'll provide you with a "Loan Estimate" of your closing costs. The closing cost estimate comes out of our past experience. Please note that while our LEs are very accurate, we can't always predict costs to the penny. We review Loan Estimates with buyers 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 complete your loan 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 — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Getting Your Credit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance if applicable
At Prime Capital Mortgage Corp, we answer questions about closing costs every day. Call us: 248-644-1200.
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