How do Closing Costs Work?

"Closing Costs" are the fees which cover the various services involved when you sell or buy a house. Buyers & sellers often negotiate to decide how to share these closing costs.

As indicated below, many of the closing costs result from getting your mortgage loan. Since Custom Lending Group is highly experienced with closings and mortgages, we often explain the details of closing costs.

Loan Estimate (Also known as the LE)

Soon after you apply for a loan, we'll give you a "Loan Estimate" of your closing costs. This cost estimate comes out of the loan officer's past experience. Please note that while our LEs are very accurate, we can't always predict your costs to the penny. We handle buyers' questions about these costs every day at Custom Lending Group, so don't hesitate 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 Custom 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
  • Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Interest Payment
  • Escrow Account
  • Various Taxes
  • Loan Origination Fee
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Earthquake Insurance if applicable

Custom Lending Group can answer questions about these closing costs. Call us at (707) 252-2700.

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