Closing Costs for Home Real Estate Transactions
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"Closing Costs" are the fees which cover the various services involved in the sale of a house. Buyers and sellers often negotiate to decide how to split these closing costs.
As you'll see below, many of the costs result from getting your loan. At Executive Lending Group, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Good Faith Estimate".
The Good Faith Estimate (GFE)
Soon after you submit your application, we'll provide you with the "Good Faith Estimate" of your closing costs. We base this cost estimate on our many years of past experience. It's important to note that while our GFEs are very precise, we can't always predict your costs to the penny. We field buyers' questions about closing costs every day at Executive Lending Group, so please feel free to ask if you have questions.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, soon after you have completed 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
- Points — lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account
- Loan Origination Fee
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance if applicable
Executive Lending Group can help you understand closing costs. Call us at (405) 822-1957.