"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".
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
Obtaining YourCredit Report Up-front Interest Payment Escrow Account TaxesLoan Origination Fee Points — A fee paid to lower your interest rate (optional) Appraisal Costs
InsuranceRecording Fees & Transfer Taxes
Title Insurance Flood / Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.