All residential real estate sales involves costs. Sellers and buyers customarily share these closing costs, as specified in the real estate sales contract.
As you'll see below, many of the buyer's costs are related to the costs of getting the loan. Since Bob Rutledge Mortgage has extensive experience with closings & mortgages, we often explain the details of closing costs.
Soon after you apply for a loan, we will give you the "Loan Estimate" of your closing costs. The closing costs enumerated in the Loan Estimate are estimated based on Bob Rutledge Mortgage's experience with mortgage loans, but costs usually vary by small amounts between the LE and closing. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that can vary a little bit at closing.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, soon after you have completed your loan application. At Bob Rutledge Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs Loan-Related Costs Appraisal Costs Credit Report Interest Payment Escrow Account TaxesLoan Origination Fee Points — These are costs you pay up-front to lower your interest rate (optional) Property Taxes InsuranceRecording Fees and Transfer Taxes Homeowners Insurance Title Insurance Flood / Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
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