How do Closing Costs Work?
Certain standard costs are associated with closing the sale of a house. Buyers and sellers customarily share these closing costs, as specified in the sales contract.
As the list below indicates, many of the costs result from getting your mortgage. At Executive Lending Group, LLC, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Loan Estimate".
Loan Estimates (LEs)
Buyers 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 Loan Estimate are estimated based on Executive Lending Group, LLC's experience with mortgage loans, but costs usually change by small amounts between the Loan Estimate (LE) and closing. We answer buyers' questions about these costs every day at Executive Lending Group, LLC, so please be sure to contact us if you have questions.
Below is a fairly general list of closing costs. We will provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Interest Payment
- Escrow Account
- Various Taxes
- Costs related to "originating" your loan
- Points — lower your interest rate (optional)
- Appraisal Fee
- Obtaining YourCredit Report
Property Taxes
- Insurance
- Transfer Taxes and Recording Fees
Homeowners Insurance
- Title Insurance
- Flood or Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
Executive Lending Group, LLC can answer questions about these closing costs. Give us a call: 8165258000.