Closing Costs
When a mortgage is made, you will be charged with the costs associated with the loan. Closing costs listed include all Lender Fees, Appraisal, Legal/Attorney/Title Insurance, but is exclusive of any Points that may be required for a particular Loan Program. Prepaids/Escrows includes an average estimate of Insurance and Property Tax, but does not include any per diem Interest. You will also be expected to deposit into escrow, or prepay, amounts for homeowners insurance, property taxes, mortgage insurance, and interest adjustment. Although these costs vary by loan type, loan amount, and property location, the following brief chart should provide a guide to costs.
You can create a Good Faith Estimate on the Interest Rate page, or call Rob Hickerson at (502) 553-3212 or (877) 993-2328 to discuss the details of your proposed mortgage loan.
| Loan amount |
|
Closing costs * |
|
Prepaids/escrows * |
| $50,000 |
|
$ 1350 |
|
$ 700 |
| $100,000 |
|
$ 1475 |
|
$ 1000 |
| $150,000 |
|
$ 1600 |
|
$ 1300 |
|
| $200,000 |
|
$ 1725 |
|
$ 1600 |
| $250,000 |
|
$ 1850 |
|
$ 1900 |
- Closing costs listed does not include points/origination fees
- Prepaids/escrows does not include interest adjustment
Certain loan programs allow the seller of a property to pay many of these costs on the borrower's behalf, provided it is negotiated in writing. Also, it may be possible for Rob Hickerson to "finance" some of these costs. Financing these costs reduces the amount of cash needed to close, but it also increases the monthly payment. In your consultation with Rob Hickerson, he will help you determine the best course of action.
When you apply for a mortgage, Rob Hickerson will expect you to pay an application fee to cover the initial costs of the loan, such as appraisal and credit reports. The amount paid is credited to you at closing.
For a more detailed discussion of closing costs, please ask for the HUD booklet, "Settlement Costs and You"
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