"Closing Costs" are the fees that pay for the various services involved when you sell or buy a house. Sellers and buyers almost always negotiate to determine who will pay different portions of these costs.
As indicated below, many of the buyer's closing costs are related to the costs of getting the mortgage loan. Since Executive Lending Group has extensive experience with mortgages & closings, we often explain the details of closing costs.
Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually change a little bit between the Loan Estimate (LE) and closing. We answer buyers' questions about closing costs every day at Executive Lending Group, so don't hesitate to contact us if you have questions.
Below you'll find a fairly general list of costs for buying residential real estate. We will provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs Loan-Related Costs Costs related to "originating" your loan Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Pulling Your Credit Report Up-front Interest Payment Escrow Account Various Taxes Property Taxes Insurance Transfer Taxes and Recording Fees Homeowners Insurance Flood or Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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