About Closing Costs
All residential real estate transactions involves certain fixed costs. Buyers and sellers usually split these closing costs, as specified in the sales contract.
As indicated below, many of the costs result from getting your loan. Since Executive Lending Group, LLC has extensive experience with closings and mortgages, we can help you understand your closing costs.
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 enumerated in the GFE are estimated based on Executive Lending Group, LLC's experience with mortgage loans, but costs usually vary by small amounts between the Good Faith Estimate (GFE) and closing. We explain Good Faith Estimates with buyers almost every day, so we are happy to answer the you have about closing costs.
Below is a general list of closing costs. We will always provide you with a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Costs associated with "originating" your loan
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Transfer Taxes and Recording Fees
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title 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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