"Closing Costs" are the fees that pay for the various services involved when you sell or buy residential real estate. Sellers & buyers usually negotiate these closing costs.
Many of the closing costs associated with buying a home are associated with getting a mortgage loan. At Executive Lending Group, we have extensive experience in mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The cost estimate comes out of our past experience. Please note that while our LEs are very precise, we cannot always predict costs to the penny. We review LEs with buyers almost every day, so we'd be glad to answer your questions about closing costs.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Executive Lending Group, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs Loan-Related Costs Loan Origination Fee Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Costs Credit Report Interest Payment Escrow Fees Various Taxes Property Taxes Recording Fees & Transfer Taxes Insurance Homeowners Insurance Flood / Quake Insurance Private Mortgage Insurance (PMI) Title Insurance
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