What are Closing Costs?

All residential real estate transactions involves costs. Sellers and buyers customarily share these closing costs, as the sales contract specifies.

As indicated below, many of the buyer's costs cover the costs of getting the mortgage loan. At Price Mortgage Group LLC, we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of mortgage-related costs in your "Loan Estimate".

The Loan Estimate (LE)

Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. This closing cost estimate comes out of our past experience. It's important to note that while our LEs are very accurate, we can't always estimate costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that can change slightly at the closing table.

Below you'll find a generic list of closing costs. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Appraisal Fee
  • Credit Report
  • Interest Payment
  • Escrow Fees
  • Various Taxes
  • Costs related to "originating" your loan
  • Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Flood or Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

Price Mortgage Group LLC can answer questions about these closing costs. Give us a call: 405-513-7700.

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