About Closing Costs
All residential real estate transactions incurs certain costs. Sellers and buyers customarily split these closing costs, as the real estate sales contract specifies.
As indicated below, many of the costs result from getting your mortgage. Since Executive Lending Group, LLC is highly experienced with mortgages & closings, we often explain the details of closing costs.
Good Faith Estimates (GFEs)
Very soon after you apply for a loan, we will give you a "Good Faith Estimate" of your closing costs. The closing costs enumerated in the GFE are estimated based on Executive Lending Group, LLC's experience with mortgage loans, but costs usually change by small amounts between the GFE and closing. We explain GFEs with buyers almost every day, so we'd be glad to answer your questions about closing costs.
Below you'll find a fairly generic list of closing costs. We will always provide you with a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
- Appraisal Fee
- Pulling Your Credit Report
- Up-front Interest Payment
- Escrow Account
- Loan-related costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance if applicable
Executive Lending Group, LLC can answer questions about these closing costs. Call us at (816) 525-8000 & (81.
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