Your Closing Costs

There are certain standard costs associated with closing the sale of a home. Buyers almost always incur these costs, as specified in the sales contract, however, depending on the contract the seller may be required to pay some of the closing costs. "Closing Costs" are the fees which pay for various services involved in the sale of residential real estate. These fees can be paid out of pocket or indirectly by increasing the loan amount or charging a higher interest rate.

As the list below indicates, many of the costs result from getting your loan. At Metro Mortgage, we are highly experienced in mortgage lending, so we can provide you with a comprehensive list of mortgage-related costs in your estimate.

Getting The Loan Estimate

Buyers will get a Loan Estimate by three days from when the loan application is submitted to the lender. The Loan Estimate details information like closing costs, taxes, insurance, estimated interest rate monthly payment and more. This estimate is not an approval, but it's the first step toward obtaining your loan.

We go over estimates with buyers every day, so we are happy to answer any questions you have about closing costs.

Below you'll find a generic list of costs for buying a home. We will provide you with a specific list of your closing costs when we provide your estimate.

Standard Closing Costs

• Costs associated with "originating" your loan
• Points — lower your interest rate (optional)
• Appraisal Fee
• Credit Report
• Up-front Interest Payment
• Escrow Account

• Recording Fees and Transfer Taxes
• Insurance

• Private Mortgage Insurance (PMI)
• Title Insurance
• Flood / Earthquake Insurance if applicable