What are Closing Costs?
All residential real estate sales involves certain fixed costs. Sellers and buyers customarily share these closing costs, as specified in the real estate sales contract.
Many of the costs associated with buying a home are associated with getting a mortgage. At Executive Lending Group, LLC, we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Good Faith Estimate".
Good Faith Estimate (GFE)
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. We base this closing cost estimate on our extensive past experience. Please note that while our GFEs are very accurate, we can't always predict costs to the penny. We explain Good Faith Estimates with buyers every day, so we'd be glad to answer your questions about closing costs.
Below you'll find a general list of closing costs. We will provide you with a specific list of your closing costs when we give you a Good Faith Estimate.
Standard Closing Costs
- Obtaining YourCredit Report
- Interest Payment
- Escrow Account
- Costs associated with "originating" your loan
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
- Transfer Taxes and Recording Fees
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
Executive Lending Group, LLC can help you understand closing costs. Give us a call: (816) 525-8000 & (81.
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