Closing Costs for Residential Real Estate Transactions

"Closing Costs" are the fees which pay for the various services involved when you sell or buy a house. Buyers and sellers almost always negotiate to determine who will pay different portions of these costs.

As the list below indicates, many of the closing costs result from getting your mortgage. At Ruidoso Mortgage, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your "Loan Estimate".

Loan Estimates (LEs)

Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the LE are estimated based on our experience with mortgage loans, but costs usually vary by small amounts between the LE and closing. We review LEs with buyers every day, so we'd be glad to answer the you have about closing costs.

We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At Ruidoso Mortgage, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Escrow Fees
  • Taxes
  • Loan-related costs
  • Points — lower your interest rate (optional)
  • Appraisal Fee
  • Pulling Your Credit Report
  • Interest Payment
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Flood / Quake Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance

At Ruidoso Mortgage, we answer questions about closing costs every day. Give us a call at 5752581316.

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1123 Mechem Dr Ste 1
Ruidoso, NM 88345