Don't Forget Closing Costs
"Closing Costs" are the fees which cover the various services involved in the sale of a house. Sellers & buyers usually negotiate to determine who will pay different portions of these costs.
As you'll see below, many of the closing costs result from getting your mortgage. At Executive Lending Group, LLC, we have extensive experience 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 at the time the loan application is submitted to the lender. This cost estimate is based on the loan officer's past experience. Please note that while our LEs are very precise, we can't always predict costs to the penny. We review Loan Estimates with buyers almost every day, so we'd be glad to answer the you have about closing costs.
Below is a fairly general list of closing costs. We will always provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
- Pulling YourCredit Report
- Interest Payment
- Escrow Account
- Costs related to "originating" your loan
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
At Executive Lending Group, LLC, we answer questions about closing costs every day. Give us a call at (816) 525-8000.
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