What are Closing Costs?

All residential real estate sales involves certain costs. Sellers and buyers customarily split these costs, as specified in the sales contract.

As you'll see below, many of the costs result from getting your mortgage loan. Since Executive Lending Group, LLC is highly experienced with mortgages & closings, we can help you understand your closing costs.

Loan Estimate (LE)

Soon after you apply for a loan, we will give you the "Loan Estimate" of your costs. The closing cost estimate comes out of our past experience. Please note that while our LEs are very precise, we cannot always estimate costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that sometimes change slightly at closing.

Below is a fairly general list of costs for buying a home. We will provide a specific list of your closing costs when we provide your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Appraisal Fee
  • Credit Report
  • Interest Payment
  • Escrow Account
  • Taxes
  • Loan-related costs
  • Points — lower your mortgage interest rate (optional)
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Flood / Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

Executive Lending Group, LLC can help you understand closing costs. Call us at 8165258000.

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