What are Closing Costs?
"Closing Costs" are the fees that cover various services involved when you sell or buy a house. Sellers & buyers almost always negotiate the payment of these costs.
As the list below indicates, many of the closing costs result from getting your mortgage loan. At Executive Lending Group, LLC, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Loan Estimate".
The Loan Estimate (LE)
Soon after you apply for a loan, we will provide you with a "Loan Estimate" of your costs. This closing cost estimate comes out of our past experience. It's important to note that while our LEs are very accurate, we can't always predict your closing costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes vary a little bit at the closing table.
Below is a general list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Loan-Related Costs
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Obtaining Your Credit Report
- Interest Payment
- Escrow Account
- Taxes
- Loan-related costs
Property Taxes
- Insurance
- Recording Fees & Transfer Taxes
Homeowners Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance if applicable
Executive Lending Group, LLC can help you understand closing costs. Call us at 8165258000.