How do Closing Costs Work?
Certain standard costs are related to closing the sale of a home. Sellers and buyers customarily split these closing costs, as the real estate sales contract specifies.
As you'll see below, many of the costs result from getting your mortgage loan. At Executive Lending Group, LLC, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Loan Estimate".
Loan Estimates (LEs)
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the Loan Estimate are estimated based on Executive Lending Group, LLC's experience with mortgage loans, but costs often change a little bit between the LE and closing. We handle questions about closing costs every day at Executive Lending Group, LLC, so please feel free to contact us if we can help answer your questions.
Below is a fairly general list of closing costs. We will provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Getting Your Credit Report
- Up-front Interest Payment
- Escrow Account
- Costs associated with "originating" your loan
- Recording Fees and Transfer Taxes
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Executive Lending Group, LLC can help you understand closing costs. Call us at (816) 525-8000 & (81.
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