How do Closing Costs Work?

"Closing Costs" are the fees that pay for the various services involved when you sell or buy a home. Sellers and buyers usually negotiate to determine who will pay different portions of these closing costs.

As indicated below, many of the buyer's closing costs are related to the costs of originating the mortgage loan. At Price Mortgage Group LLC, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".

Loan Estimates (LEs)

Soon after you apply for a loan, we will give you a "Loan Estimate" of your costs. The closing costs spelled out in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often vary by small amounts between delivery of the Loan Estimate (LE) and closing. We explain Loan Estimates with buyers every day, so we'd be glad to answer any questions you have about closing costs.

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

Standard Closing Costs

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

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

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