Certain standard costs are associated with closing the sale of a home. Sellers and buyers usually share these closing costs, as specified in the real estate sales contract.
As indicated below, many of the closing costs result from getting your mortgage. Since Bob Rutledge Mortgage has extensive experience with mortgages & closings, we can help you understand your closing costs.
Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the LE are estimated based on Bob Rutledge Mortgage's experience with mortgage loans, but costs usually change by small amounts between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can change slightly at the closing table.
Below is a fairly generic list of closing costs. We will provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs Loan-Related Costs Escrow Account TaxesLoan-related costs Points — lower your interest rate (optional) Appraisal Costs Credit Report Up-front Interest Payment Property Taxes Recording Fees & Transfer Taxes Insurance Homeowners Insurance Title Insurance Flood / Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
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