Closing Costs for Home Real Estate Transactions

"Closing Costs" are the fees that pay for various services involved when you sell or buy residential real estate. Buyers and sellers almost always negotiate the payment of these closing costs.

As indicated below, many of the closing costs result from getting your mortgage. At The Mortgage Exchange Service LLC, we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Loan Estimate".

Loan Estimate (Also known as the LE)

Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this cost estimate on our extensive past experience. It's important to note that while our LEs are very accurate, we cannot always estimate costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that can change slightly at closing.

We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you complete your loan application. At The Mortgage Exchange Service LLC, 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 mortgage interest rate (optional)
  • Appraisal Costs
  • Credit Report
  • Up-front Interest Payment
  • Escrow Account
  • Various Taxes
  • Loan-related costs
Property Taxes
  • Insurance
  • Transfer Taxes and Recording Fees
Homeowners Insurance
  • Title Insurance
  • Flood or Quake Insurance
  • Private Mortgage Insurance (PMI)

At The Mortgage Exchange Service LLC, we answer questions about closing costs every day. Call us: 703.255-5810.

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