What are Closing Costs?
"Closing Costs" are the fees that cover various services involved when you sell or buy a house. Buyers & sellers almost always negotiate to decide how to split these closing costs.
As indicated below, many of the buyer's costs cover the costs of getting the mortgage loan. At Executive Lending Group, LLC, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Loan Estimate (Also known as the LE)
Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this closing cost estimate on our many years of past experience. It's important to note that while our LEs are very precise, we can't always estimate costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that can change slightly at closing.
Below is a fairly general list of closing costs. We will always provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Costs related to "originating" your loan
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Costs
Property Taxes
- Insurance
- Recording Fees and Transfer Taxes
Homeowners Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance if applicable
At Executive Lending Group, LLC, we answer questions about closing costs every day. Call us: 8165258000.