There are certain standard costs related to closing the sale of a home. Buyers and sellers usually share these closing costs, as specified in the sales contract.
As you'll see below, many of the buyer's costs cover the costs of getting the loan. Since Executive Lending Group has extensive experience with mortgages and closings, we are closing cost experts.
Buyers will receive 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 many years of past experience. It's important to note that while our LEs are very precise, we can't always estimate closing costs to the penny. We go over Loan Estimates with buyers every day, so we are happy to answer your questions about closing costs.
Below is a generic list of closing costs. We will always provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs Loan-Related Costs Interest Payment Escrow Account TaxesLoan-related costs Points — lower your mortgage interest rate (optional) Appraisal Fee Getting YourCredit Report Property Taxes Insurance Transfer Taxes & Recording Fees Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood / Quake Insurance if applicable
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