Closing Costs for Residential Real Estate Transactions

"Closing Costs" are the fees which cover various services involved in the sale of a home. Sellers & buyers almost always negotiate the payment of these closing costs.

As indicated below, many of the costs result from getting your mortgage loan. At Executive Lending Group, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Loan Estimate".

Loan Estimates (LEs)

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 accurate, we cannot always predict your costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that sometimes vary a little bit at closing.

Below is a generic list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we provide your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Costs
  • Credit Report
  • Interest Payment
  • Escrow Fees
  • Taxes
  • Costs associated with "originating" your loan
Property Taxes
  • Recording Fees and Transfer Taxes
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood or Quake Insurance if applicable

Executive Lending Group can help you understand closing costs. Give us a call: (405) 615-8543.

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