Don't Forget Closing Costs
Certain standard costs are related to closing the sale of a home. Buyers and sellers customarily split these closing costs, as specified in the sales contract.
Many of the closing costs associated with buying residential real estate are associated with getting a loan. Since Executive Lending Group, LLC is highly experienced with mortgages and closings, we often explain the details of closing costs.
Loan Estimate (Also known as the LE)
Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the LE are estimated based on our experience with mortgage loans, but costs often vary by small amounts between the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can vary a little bit at the closing table.
Below you'll find a generic list of closing costs. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
- Escrow Account
- Costs related to "originating" your loan
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Obtaining Your Credit Report
- Interest Payment
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
At Executive Lending Group, LLC, we answer questions about closing costs every day. Give us a call: (816) 525-8000.
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