"Closing Costs" are the fees which pay for various services involved in the sale of residential real estate. Sellers & buyers usually negotiate to determine who will pay different portions of these costs.
As indicated below, many of the closing costs result from getting your loan. Since Executive Lending Group is highly experienced with closings and mortgages, we often explain the details of closing costs.
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often vary by small amounts between delivery of the LE and closing. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that sometimes change slightly at the closing table.
Below is a fairly generic list of costs for buying a home. We will provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs Appraisal Costs Credit Report Up-front Interest Payment Escrow Fees Various TaxesLoan Origination Fee Points — A fee paid to lower your interest rate (optional) Property Taxes Insurance Transfer Taxes and Recording Fees Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood / Earthquake Insurance
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