About Closing Costs

There are certain standard costs related to closing the sale of a home. Buyers and sellers usually share these costs, as specified in the sales contract.

As indicated below, many of the buyer's costs cover the costs of originating the loan. Since The Mortgage Exchange Service LLC has extensive experience with mortgages and closings, we often explain the details of closing costs.

The Loan Estimate (Also known as the LE)

Soon after you submit your application, we will provide you with a "Loan Estimate" of your costs. The closing costs specified in the Loan Estimate are estimated based on The Mortgage Exchange Service LLC's experience with mortgage loans, but costs often change by small amounts between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that sometimes vary a little bit at the closing table.

Below you'll find a fairly generic list of closing costs. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Various Taxes
  • Loan Origination Fee
  • Points — lower your interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Interest Payment
  • Escrow Fees
Property Taxes
  • Insurance
  • Transfer Taxes & Recording Fees
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Earthquake Insurance if applicable

The Mortgage Exchange Service LLC can help you understand closing costs. Give us a call: 703.255-5810.

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