"Closing Costs" are the fees which pay for various services involved when you sell or buy a home. Sellers and buyers almost always negotiate to decide how to split these closing costs.
As indicated below, many of the buyer's closing costs are related to the costs of originating the loan. Since Reliance Mortgage Service, Inc is highly experienced with mortgages and closings, we are closing cost experts.
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. This cost estimate comes out of our past experience. Please note that while our LEs are very accurate, we can't always estimate costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that sometimes vary a little bit at closing.
Below you'll find a fairly general list of closing costs. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
Points — A fee paid to lower your interest rate (optional) Appraisal Fee Pulling Your Credit Report Up-front Interest Payment Escrow Account Various TaxesLoan-related costs
Transfer Taxes & Recording Fees Insurance
Flood / Quake Insurance Private Mortgage Insurance (PMI) Title Insurance
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