Closing Costs for Home Real Estate Transactions
"Closing Costs" are the fees which cover the various services involved when you sell or buy a home. Buyers & sellers negotiate the payment of these closing costs.
As indicated below, 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 compile a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimate (Also know as the GFE)
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs usually vary a little bit between the GFE and closing. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that sometimes vary a little bit at the closing table.
Below is a fairly generic list of costs for buying a home. We will always provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance
At Executive Lending Group, LLC, we answer questions about closing costs every day. Call us: (816) 525-8000 & (81.
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