"Closing Costs" are the fees that cover the various services involved when you sell or buy a house. Buyers and sellers usually negotiate to determine who will pay different portions of these costs.
Many of the costs associated with buying a house are associated with getting a loan. Since Bob Rutledge Mortgage has extensive experience with mortgages and closings, we often explain the details of closing costs.
Very shortly after you submit your application, we will give you a "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 a little bit between delivery of the Loan Estimate (LE) and closing. 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 these costs below, but we'll provide 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 TaxesCosts associated with "originating" your loan Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Fee Credit Report Up-front Interest Payment Escrow Account Property Taxes Transfer Taxes and Recording Fees Insurance Homeowners Insurance Flood or Earthquake Insurance Private Mortgage Insurance (PMI) Title Insurance
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