What are Closing Costs?

Searching for mortgage advice? We'd be thrilled to discuss your mortgage needs! Call us at 800-252-6633. Ready to get started? Apply Here.

All residential real estate sales incurs certain fixed costs. Sellers and buyers usually share these closing costs, as the real estate sales contract specifies.

As you'll see below, many of the buyer's closing costs cover the costs of getting the loan. Since Metro Mortgage has extensive experience with closings and mortgages, we can help you understand your closing costs.

Good Faith Estimates (GFEs)

Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs often vary a little bit between the GFE and closing. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that sometimes change slightly at closing.

Below is a fairly general list of costs for buying residential real estate. We will provide a specific list of your closing costs when we provide your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Loan-related costs
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Up-front Interest Payment
  • Escrow Fees
  • Various Taxes
Property Taxes
  • Recording Fees and Transfer Taxes
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood or Earthquake Insurance if applicable
Metro Mortgage can answer questions about these closing costs. Give us a call: 800-252-6633.

Looking to Buy?

Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

Your Information
Some Details
By checking the box, you agree that Metro Mortgage may call/text you about your inquiry, which may involve use of automated means and prerecorded/artificial voices.. Message/data rates may apply.