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FIND YOUR DREAM HOME OR APARTMENT
Poorly researched and writtne or simply misinformed.
I am a mortgage banker/broker in RI.
On a $200k loan, my closing costs are $900. Thats all you are being charged by me and you only pay it at closing. There is no application or any fee paid to me up front. The total you will pay however, is closer to $2500. The rest of the closing costs are third party. You also pay for your appraisal. $400. Then, you are more than welcome to shop for your own closing attorney(allowed in RI) who is collecting not only for themselves, but also the title examiner, title insurance, even your town hall. Good luck negotiating a fee with somebody you will never meet.
What's very misleading is closing cost vs. settlement costs. The terms are wrongfully interchanged and can not be. You can't say you are being "charged" settlement costs of $4000, because the other $1500 is likely for YOUR taxes and YOUR home owners insurance. These are not charges or fees being paid to close your loan.
