Closing Costs for Residential Real Estate Transactions
"Closing Costs" are the fees which cover various services involved when you sell or buy a house. Buyers & sellers often negotiate the payment of these closing costs.
Many of the closing costs associated with buying a home are associated with getting the loan. Since Executive Lending Group, LLC is highly experienced with mortgages and closings, we are closing cost experts.
The Loan Estimate (LE)
Soon after you apply for a loan, we'll give you a "Loan Estimate" of your closing costs. The closing costs specified in the LE are estimated based on our experience with mortgage loans, but costs usually vary a little bit between delivery of the Loan Estimate (LE) and closing. We answer buyers' questions about closing costs every day at Executive Lending Group, LLC, so don't hesitate to contact us if you have questions.
Below you'll find a general list of costs for buying a home. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
- Getting YourCredit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Costs associated with "originating" your loan
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
Executive Lending Group, LLC can answer questions about these closing costs. Give us a call: (816) 525-8000.
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