What are Closing Costs?

"Closing Costs" are the fees which cover various services involved when you sell or buy a house. Sellers & buyers usually negotiate to determine who will pay different portions of these closing costs.

Many of the costs associated with buying residential real estate are associated with getting a mortgage loan. At Custom Lending Group, we are highly experienced in mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Loan Estimate".

Loan Estimate (LE)

Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. This cost estimate comes out of our past experience. Please note that while our LEs are very accurate, we cannot always predict closing costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can vary a little bit at the closing table.

We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, soon after you complete 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 — lower your interest rate (optional)
  • Appraisal Costs
  • Pulling Your Credit Report
  • Up-front Interest Payment
  • Escrow Fees
  • Various Taxes
  • Loan-related costs
Property Taxes
  • Recording Fees and Transfer Taxes
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Earthquake Insurance

Custom Lending Group can help you understand closing costs. Give us a call: 7072522700.

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Custom Lending Group

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