How do Closing Costs Work?
All residential real estate transactions involves costs. Buyers and sellers almost always share these closing costs, as the sales contract specifies.
Many of the closing costs associated with buying residential real estate are associated with getting the mortgage loan. At Executive Lending Group, LLC, we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the Good Faith Estimate are estimated based on Executive Lending Group, LLC's experience with mortgage loans, but costs often vary a little bit between delivery of the GFE and closing. We review GFEs with buyers every day, so we are happy to answer the you have about closing costs.
Below is a fairly general list of closing costs. We will always provide a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Costs related to "originating" your loan
- Transfer Taxes & Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance
At Executive Lending Group, LLC, we answer questions about closing costs every day. Give us a call at (816) 525-8000 & (81.
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