What are Closing Costs?

"Closing Costs" are the fees that pay for various services involved in the sale of a house. Buyers & sellers often negotiate to determine who will pay different portions of these costs.

As you'll see below, many of the costs result from getting your mortgage loan. Since Executive Lending Group, LLC has extensive experience with closings & mortgages, we often explain the details of closing costs.

Loan Estimates (LEs)

Very soon after you apply for a loan, we'll provide you with the "Loan Estimate" of your closing costs. The cost estimate comes out of our past experience. Please note that while our LEs are very precise, we can't always estimate closing costs to the penny. We field buyers' questions about these costs every day at Executive Lending Group, LLC, so please be sure to ask if we can help answer your questions.

We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, soon after you have completed your application. At Executive Lending Group, LLC, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

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

Executive Lending Group, LLC can help you understand closing costs. Give us a call: 8165258000.

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