How do Closing Costs Work?

"Closing Costs" are the fees which cover various services involved when you sell or buy a home. Buyers and sellers usually negotiate to decide how to share these costs.

As indicated below, many of the buyer's costs cover the costs of getting the mortgage loan. Since Executive Lending Group has extensive experience with mortgages and closings, we are closing cost experts.

The Loan Estimate (LE)

Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the Loan Estimate are estimated based on Executive Lending Group's experience with mortgage loans, but costs often change by small amounts between the LE and closing. We explain Loan Estimates with buyers almost every day, so we'd be glad to answer the you have about closing costs.

Below you'll find a general list of costs for buying a home. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Escrow Fees
  • Taxes
  • Loan Origination Fee
  • Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Pulling Your Credit Report
  • Up-front Interest Payment
Property Taxes
  • Recording Fees & Transfer Taxes
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood or Quake Insurance

Executive Lending Group can help you understand closing costs. Call us at 4056158543.

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Executive Lending Group

A Division of 1st Capital Mortgage LLC

2272 36th Avenue NW
Norman, OK 73072