Don't Forget Closing Costs
"Closing Costs" are the fees that pay for the various services involved when you sell or buy residential real estate. Buyers & sellers negotiate the payment of these closing costs.
As indicated below, many of the closing costs result from getting your loan. At Executive Lending Group, LLC, we have extensive experience in mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimate (Also know as the GFE)
Soon after you submit your application, we'll provide you with a "Good Faith Estimate" of your closing costs. This closing cost estimate is based on the loan officer's past experience. It's important to note that while our GFEs are very precise, we cannot always predict costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that can vary a little bit at closing.
Below is a fairly general list of closing costs. We will provide you with a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Loan-related costs
- Points — lower your mortgage interest rate (optional)
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake 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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