"Closing Costs" are the fees which pay for the various services involved in the sale of residential real estate. Sellers & buyers negotiate to decide how to split these costs.
As indicated below, many of the closing costs result from getting your mortgage loan. Since Executive Lending Group is highly experienced with mortgages and closings, we can help you understand your closing costs.
Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the LE are estimated based on Executive Lending Group's experience with mortgage loans, but costs often vary by small amounts between delivery of the Loan Estimate (LE) and closing. We field buyers' questions about closing costs every day at Executive Lending Group, so please feel free to ask if you have questions.
We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At Executive Lending Group, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs Loan-Related Costs TaxesLoan-related costs Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Fee Credit Report Interest Payment Escrow Account Property Taxes Insurance Transfer Taxes & Recording Fees Homeowners Insurance Flood or Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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