What are Closing Costs?
Certain standard costs are related to closing the sale of a house. Buyers and sellers almost always share these costs, as the sales contract specifies.
As indicated below, many of the buyer's costs are related to the costs of getting the mortgage loan. At Executive Lending Group, LLC, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this closing cost estimate on our many years of past experience. It's important to note that while our LEs are very accurate, we can't always estimate your closing costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can change slightly at closing.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed your application. At Executive Lending Group, LLC, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Escrow Account
- Various Taxes
- Loan Origination Fee
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
Executive Lending Group, LLC can answer questions about these closing costs. Call us at (816) 525-8000.
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