What are Closing Costs?
"Closing Costs" are the fees that cover various services involved when you sell or buy a home. Buyers and sellers almost always negotiate to determine who will pay different portions of these costs.
As you'll see below, many of the buyer's closing costs are related to the costs of 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 closing costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Very shortly after you submit your application, we'll give you a "Loan Estimate" of your costs. We base this closing cost estimate on our many years of past experience. It's important to note that while our LEs are very precise, we cannot always estimate costs to the penny. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that can vary a little bit at the closing table.
Below you'll find a general list of closing costs. We will provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
- Escrow Fees
- Various Taxes
- Loan Origination Fee
- Points — lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Recording Fees and Transfer Taxes
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
At Executive Lending Group, LLC, we answer questions about closing costs every day. Call us: (816) 525-8000.
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