About Closing Costs

All residential real estate sales involves costs. Buyers and sellers customarily split these costs, as the real estate sales contract specifies.

As indicated below, many of the closing costs result from getting your loan. At The Mortgage Exchange Service LLC, we are highly experienced in mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Good Faith Estimate".

The Good Faith Estimate (GFE)

Very soon after you apply for a loan, we will provide you with a "Good Faith Estimate" of your costs. The closing costs specified in the GFE are estimated based on The Mortgage Exchange Service LLC's experience with mortgage loans, but costs often vary a little bit between the GFE and closing. We field buyers' questions about these costs every day at The Mortgage Exchange Service LLC, so don't hesitate to ask if we can help answer your questions.

Below you'll find a generic list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we provide your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Obtaining YourCredit Report
  • Up-front Interest Payment
  • Escrow Account
  • Taxes
  • Costs associated with "originating" your loan
  • Points — lower your interest rate (optional)
  • Appraisal Fee
Property Taxes
  • Insurance
  • Transfer Taxes & Recording Fees
Homeowners Insurance
  • Flood or Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

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

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