Your Closing Costs

There are certain standard costs associated with closing the sale of a home. Buyers almost always pay these closing costs, as specified in the real estate sales contract, however, depending on State law the seller may be required to pay some of the closing costs. "Closing Costs" are the fees which pay for the various services involved in the sale of residential real estate. These fees are either paid directly or indirectly by crediting the loan.

As you'll see below, many of the buyer's costs cover the costs of getting the loan. At Metro Mortgage, we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of closing costs related to your mortgage in your estimate.

Getting The Loan Estimate

Within three days after you apply for a loan, we'll provide you with a Loan Estimate. The Loan Estimate gives you information like closing costs, taxes, insurance, estimated interest rate monthly payment and more. Getting an estimate doesn't mean you've been approved, rather it's the first step toward securing your loan.

We review estimates with buyers every day, so we'd be glad to answer your questions about closing costs.

We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, soon after you complete your loan application. At Metro Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

• Costs associated with "originating" your loan
• Points — A fee paid to lower your interest rate (optional)
• Appraisal Fee
• Obtaining Your Credit Report
• Up-front Interest Payment
• Escrow Fees

• Insurance
• Recording Fees & Transfer Taxes

• Private Mortgage Insurance (PMI)
• Title Insurance
• Flood / Quake Insurance