Closing Costs for Residential Real Estate Transactions

"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.

The Loan Estimate (LE)

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
  • Taxes
  • Loan-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 applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

At Executive Lending Group, we answer questions about closing costs every day. Give us a call at 4056158543.

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Executive Lending Group

A Division of 1st Capital Mortgage LLC

2401 Tee Circle, STE 102B
Norman, OK 73069