Closing Costs for Residential Real Estate Transactions

Certain standard costs are associated with closing the sale of a house. Buyers and sellers almost always split these closing costs, as the sales contract specifies.

As indicated below, many of the buyer's closing costs cover the costs of getting the mortgage loan. Since The Mortgage Exchange Service LLC is highly experienced with mortgages & closings, we are closing cost experts.

Loan Estimate (LE)

Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually change by small amounts between delivery of the LE and closing. We review LEs with buyers every day, so we will be happy to answer the you have about closing costs.

Below is a general list of closing costs. We will always provide a specific list of your closing costs when we give you a Loan Estimate.

Standard Closing Costs

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

At The Mortgage Exchange Service LLC, we answer questions about closing costs every day. Call us: 7032555810.

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