About Closing Costs
"Closing Costs" are the fees that cover the various services involved when you sell or buy a home. Buyers and sellers negotiate these costs.
As you'll see below, many of the buyer's closing costs cover the costs of originating the mortgage loan. At Reliance Mortgage Service, Inc, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related costs in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Soon after you submit your application, we will provide you with the "Good Faith Estimate" of your costs. We base this cost estimate on our many years of past experience. Please note that while our GFEs are very precise, we can't always estimate closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and highlighting costs that can change slightly at closing.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed your application. At Reliance Mortgage Service, Inc, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Escrow Fees
- Various Taxes
- Costs associated with "originating" your loan
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Recording Fees and Transfer Taxes
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
At Reliance Mortgage Service, Inc, we answer questions about closing costs every day. Give us a call: 562 320-0510.