How do Closing Costs Work?

All residential real estate transactions incurs certain fixed costs. Buyers and sellers almost always share these closing costs, as the sales contract specifies.

As the list below indicates, many of the closing costs result from getting your loan. Since Executive Lending Group is highly experienced with mortgages & closings, we often explain the details of closing costs.

Loan Estimate (LE)

Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this cost estimate on our extensive past experience. Please note that while our LEs are very precise, we can't always predict your closing costs to the penny. We field buyers' questions about closing costs every day at Executive Lending Group, so don't hesitate to contact us if we can help answer your questions.

We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, soon after you complete 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
  • Appraisal Costs
  • Credit Report
  • Interest Payment
  • Escrow Fees
  • Various Taxes
  • Costs related to "originating" your loan
  • Points — A fee paid to lower your interest rate (optional)
Property Taxes
  • Insurance
  • Transfer Taxes and Recording Fees
Homeowners Insurance
  • Flood or Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

Executive Lending Group can answer questions about these closing costs. Call us at (405) 615-8543.

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Executive Lending Group

A Division of 1st Capital Mortgage LLC

2401 Tee Circle, STE 102B
Norman, OK 73069