Closing costs are the fees which pay for various services involved when you sell or buy residential real estate. Sellers and buyers usually negotiate to decide how to split certain costs.
Mortgage lenders are required to provide buyers with a Closing Disclosure (CD) itemizing the estimated closing costs within a certain time frame after a loan application is submitted. In addition to the estimated closing costs, a CD summarizes the details of the loan including the type of loan, the terms, and projected monthly payments. While PRMI has many years of experience and our CDs are fairly accurate, we can't always estimate costs to the penny. We will be glad to review the CD, answering questions and highlighting costs that sometimes change slightly at the closing table.
Below is a fairly general list of standard closing costs. We will provide a specific list of your closing costs when we provide a Closing Disclosure.
Standard closing costs
- Loan-related costs
o Appraisal costs
o Credit report
o Up-front interest payment
- Property Taxes
- Transfer taxes and recording fees
- Escrow fees
- Flood / Hurricane / Quake insurance
- Homeowners insurance
- Private Mortgage Insurance (PMI)
- Title insurance
For more further explanation of closing costs, contact PRMI by completing the form below.