How do Closing Costs Work?
"Closing Costs" are the fees which pay for the various services involved when you sell or buy a home. Buyers & sellers usually negotiate these costs.
Many of the costs associated with buying residential real estate are associated with getting a mortgage loan. At Executive Lending Group, LLC, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs in your "Loan Estimate".
Loan Estimate (LE)
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this closing cost estimate on our extensive 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 questions and pointing out costs that can change slightly at closing.
Below you'll find a general list of costs for buying a home. We will always provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
- Appraisal Fee
- Getting Your Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Costs related to "originating" your loan
- Points — lower your mortgage interest rate (optional)
- Transfer Taxes and Recording Fees
- Flood / 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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