Don't Forget Closing Costs
There are certain standard costs related to closing the sale of a house. Buyers and sellers customarily share these costs, as the real estate sales contract specifies.
Many of the closing costs associated with buying residential real estate are associated with getting the loan. Since Executive Lending Group, LLC is highly experienced with closings and mortgages, we can help you understand your closing costs.
Loan Estimate (Also known as the LE)
Soon after you apply for a loan, we'll give you a "Loan Estimate" of your closing costs. We base this cost estimate on our many years of past experience. It's important to note that while our LEs are very precise, we cannot always estimate costs to the penny. We go over Loan Estimates with buyers almost every day, so we are happy to answer your questions about closing costs.
Below is a general list of costs for buying a home. We will always provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
- Pulling YourCredit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Costs associated with "originating" your loan
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance if applicable
Executive Lending Group, LLC can answer questions about these closing costs. Call us: (816) 525-8000 & (81.
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