What are Closing Costs?

"Closing Costs" are the fees which cover the various services involved when you sell or buy a house. Buyers & sellers often negotiate to decide how to split these costs.

As the list below indicates, many of the costs result from getting your mortgage loan. Since Reliance Mortgage Service, Inc has extensive experience with mortgages & closings, we are closing cost experts.

The Good Faith Estimate (GFE)

Buyers will get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The cost estimate is based on our past experience. It's important to note that while our GFEs are very accurate, we cannot always predict costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that can change slightly at closing.

Below is a fairly general list of costs for buying a home. We will always provide you with a specific list of your closing costs when we deliver your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Interest Payment
  • Escrow Fees
  • Taxes
  • Costs associated with "originating" your loan
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Costs
  • Pulling YourCredit Report
Property Taxes
  • Insurance
  • Transfer Taxes & Recording Fees
Homeowners Insurance
  • Title Insurance
  • Flood or Quake Insurance
  • Private Mortgage Insurance (PMI)

Reliance Mortgage Service, Inc can help you understand closing costs. Call us at 562 320-0510.

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