Closing Costs for Home Real Estate Transactions

"Closing Costs" are the fees which cover the various services involved when you sell or buy a home. Buyers & sellers usually negotiate to decide how to share these closing costs.

As you'll see below, many of the buyer's costs are related to the costs of originating the loan. At The Mortgage Exchange Service LLC, we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Loan Estimate".

Loan Estimates (LEs)

Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. This cost estimate is based on our past experience. It's important to note that while our LEs are very accurate, we cannot always estimate your closing costs to the penny. We field 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.

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 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
  • Obtaining YourCredit Report
  • Up-front Interest Payment
  • Escrow Account
  • Taxes
  • Loan Origination Fee
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Costs
Property Taxes
  • Insurance
  • Recording Fees & Transfer Taxes
Homeowners Insurance
  • Title Insurance
  • Flood / Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)

The Mortgage Exchange Service LLC can answer questions about these closing costs. Give us a call: 703.255-5810.

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