How do Closing Costs Work?
Every home sale involves fixed costs. Buyers and sellers customarily split these closing costs, as specified in the sales contract.
As indicated below, many of the buyer's costs are related to the costs of getting the loan. At Custom Lending Group, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Loan Estimate".
Loan Estimate (LE)
Soon after you apply for a loan, we'll give you the "Loan Estimate" of your closing costs. We base this cost estimate on our extensive past experience. Please note that while our LEs are very accurate, we cannot always estimate costs to the penny. We review Loan Estimates with buyers every day, so we'd be glad to answer the you have about closing costs.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you complete your loan 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
- Loan-related costs
- Points — lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Taxes
Property Taxes
- Recording Fees & Transfer Taxes
- Insurance
Homeowners Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Earthquake Insurance if applicable
Custom Lending Group can help you understand closing costs. Give us a call: 7072522700.