Closing costs are the fees and expenses you pay when you close on your home. They include standard expenses like appraisal fees, credit report fees, and title fees. But, depending on the specific loan and state requirements, there could be other costs as well. You can request a Loan Estimate at Laurel Road to see estimated closing costs based on your specific loan scenario and property location.
Your closing costs may include the following fees or charges: • Origination charges like application fees, processing fees, discount points, and rate-lock fees • Fees for services that are required and selected by Laurel Road like the appraisal fee, credit report fee, tax service fee, MERS fee, and flood certification fee • Fees for services that are required by Laurel Road, but the provider can be chosen by the consumer like title fees • Taxes and government fees like recording and transfer taxes/fees • Prepaids are the first payments for costs, such as homeowners insurance, flood insurance, real estate taxes, and prepaid interest • Initial escrow payment covers payment of future costs, such as homeowners insurance, flood insurance, and property taxes • Other costs including anything else not covered, such as an optional owner’s title policyLaurel Road is not charging the following closing costs in the origination of a mortgage loan: