How do Closing Costs Work?

There are certain standard costs related to closing the sale of a home. Sellers and buyers customarily split these costs, as the sales contract specifies.

As you'll see below, many of the buyer's closing costs cover the costs of getting the loan. At Price Mortgage Group LLC, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Loan Estimate".

Loan Estimates (LEs)

Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing cost estimate is based on the loan officer's past experience. It's important to 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 can vary a little bit at the closing table.

We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Price Mortgage Group LLC, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Appraisal Fee
  • Credit Report
  • Up-front Interest Payment
  • Escrow Account
  • Taxes
  • Loan-related costs
  • Points — A fee paid to lower your interest rate (optional)
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Flood / Quake Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance

Price Mortgage Group LLC can help you understand closing costs. Give us a call: 405-513-7700.

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