There are certain standard costs related to closing the sale of a house. Sellers and buyers customarily share these closing costs, as the sales contract specifies.
Many of the costs associated with buying a home are associated with getting a mortgage loan. Since Executive Lending Group has extensive experience with closings & mortgages, we often explain the details of closing costs.
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the LE are estimated based on our experience with mortgage loans, but costs usually 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 be sure 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 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 Obtaining YourCredit Report Up-front Interest Payment Escrow Account TaxesLoan-related costs Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Fee Property Taxes Recording Fees & Transfer Taxes Insurance Homeowners Insurance Flood / Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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