Closing costs between lenders can vary greatly and often times be confusing to compare.  At Richland Mortgage Company we invite you to E-mail or call us for our rates and fees and compare them to other lenders. We believe that we have the best in the country and we encourage you to find out for yourself. The key to getting the lowest closing costs is to break down the closing costs into three separate categories of charges:

LENDER FEES
These are the closing costs that are paid to the Mortgage company or bank.  These fees vary widely from one lender to another and can effect rates dramatically.  Lenders often advertise low rates but have high costs associated with lender fees, be sure to check when shopping.  Lender fees can also be broken down into three categories:

Below are the Fees charged by Richland Mortgage Company.  Remember we have NO HIDDEN FEES!  Other Lenders often charge much higher fees!  At Richland Mortgage Company these fees may be reduced or eliminated by accepting a slightly higher rate.  Call 847-516-0320 for details.

SETTLEMENT AGENT/TITLE COMPANY FEES
These fees are not collected by the lender.  They are actually performed by a separate company.  Richland Mortgage Company has established a working relationship with Chicago Title and Trust, our service provider.  Because we close loans in Illinois and Indiana every week, it is important to us to work with a title company with a demonstrated ability to do the necessary title work and loan closings in a competent and timely manner. Chicago Title and Trust is both an industry leader and a company that we know we can work with to close your loan well within the interest rate lock period.   Because we order the title work for you, you don't have to spend time looking for a closing company or mediating between the lender and title company.  We coordinate everything for you!  Even within Chicago Title and Trust, settlement agent and title company fees vary greatly by City, county, and State.  The fees paid to the Settlement/Title company often include the following Items as they vary by City, county, and State only rough estimates can be offered:

 Estimated Costs:

   Title insurance ............ $2.50 per $1000.00 borrowed

   Survey ..................... Between $100-$200

   Attorney/closing fee ....... $250-$500

   Pest inspection ............ $15 to $35

   Transfer Tax ............... Varies

   Recording Fees ............. Varies

   Title Search ............... $150 to $350

Special Note: Borrowers who desire to maintain their own escrow accounts can do so by adding .25 pts to the discount points price or 1/8% to their interest rate with no additional charge.

Prepaid Items
Borrowers are required to prepay the following and put taxes and insurance in escrow.  These fees are usually industry standard practices and do not vary greatly between lender.