What are Closing Costs?

"Closing Costs" are the fees which cover the various services involved in the sale of a house. Sellers and buyers usually negotiate these costs.

Many of the closing costs associated with buying a house are associated with getting the loan. Since The Mortgage Exchange Service LLC has extensive experience with closings & mortgages, we can help you understand your closing costs.

The Loan Estimate (Also known as the LE)

Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually change by small amounts between the 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.

We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, soon after you have completed your application. At The Mortgage Exchange Service LLC, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Loan-related costs
  • Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Obtaining Your Credit Report
  • Interest Payment
  • Escrow Account
  • Various Taxes
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood / Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)

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

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