"Closing Costs" are the fees which pay for various services involved when you sell or buy a home. Buyers & sellers almost always negotiate to determine who will pay different portions of these closing costs.
Many of the costs associated with buying a house are associated with getting the mortgage. At Prime Capital Mortgage Corp, we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Loan Estimate".
The Loan Estimate (LE)
Buyers will 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 LE are estimated based on Prime Capital Mortgage Corp's experience with mortgage loans, but costs often change by small amounts between the LE and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that can vary a little bit at closing.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, 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
- Appraisal Costs
- Pulling Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Costs associated with "originating" your loan
- Points — lower your mortgage interest rate (optional)
- Transfer Taxes and Recording Fees
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Prime Capital Mortgage Corp can help you understand closing costs. Call us: 248-644-1200.
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