What are Closing Costs?

All residential real estate transactions involves costs. Buyers and sellers almost always share these costs, as the sales contract specifies.

Many of the closing costs associated with buying a home are associated with getting the mortgage loan. At The Mortgage Exchange Service LLC, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".

Loan Estimates (LEs)

Very shortly after you submit your application, we'll give you a "Loan Estimate" of your closing costs. We base this closing cost estimate on our extensive past experience. Please note that while our LEs are very precise, we cannot always predict costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes vary a little bit at closing.

Below is a fairly generic list of costs for buying a home. We will always provide you with a specific list of your closing costs when we give you a Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Escrow Fees
  • Taxes
  • Costs associated with "originating" your loan
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Interest Payment
Property Taxes
  • Insurance
  • Transfer Taxes and Recording Fees
Homeowners Insurance
  • Title Insurance
  • Flood / Quake Insurance
  • Private Mortgage Insurance (PMI)

The Mortgage Exchange Service LLC can help you understand closing costs. Give us a call: 7032555810.

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