What are Closing Costs?
"Closing Costs" are the fees which cover various services involved in the sale of a house. Buyers & sellers almost always negotiate to decide how to split these closing costs.
As you'll see below, many of the costs result from getting your mortgage. At Executive Lending Group, LLC, we are highly experienced in mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Loan Estimate".
The 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 enumerated in the Loan Estimate are estimated based on Executive Lending Group, LLC's experience with mortgage loans, but costs often change by small amounts between delivery of the LE and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that sometimes vary a little bit at closing.
Below you'll find a fairly generic list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Costs associated with "originating" your loan
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Obtaining Your Credit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
Property Taxes
- Insurance
- Recording Fees and Transfer Taxes
Homeowners Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance
Executive Lending Group, LLC can help you understand closing costs. Call us: 8165258000.