Closing Costs for Home Real Estate Transactions
There are certain standard costs associated with closing the sale of a home. Sellers and buyers usually split these closing costs, as specified in the real estate sales contract.
As the list below indicates, many of the closing costs result from getting your mortgage. At Executive Lending Group, LLC, we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Good Faith Estimate".
The Good Faith Estimate (GFE)
Buyers will get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. We base this cost estimate on our extensive past experience. Please note that while our GFEs are very precise, we can't always estimate costs to the penny. We field buyers' questions about closing costs every day at Executive Lending Group, LLC, so please feel free to contact us if you have questions.
Below is a general list of closing costs. We will provide you with a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
- Appraisal Costs
- Pulling Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Costs associated with "originating" your loan
- Points — lower your interest rate (optional)
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
Executive Lending Group, LLC can help you understand closing costs. Call us at (816) 525-8000 & (81.
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