"Closing Costs" are the fees that pay for the various services involved when you sell or buy residential real estate. Sellers and buyers negotiate these costs.
As indicated below, many of the buyer's closing costs cover the costs of getting the mortgage loan. Since Reliance Mortgage Service, Inc has extensive experience with mortgages and closings, we often explain the details of closing costs.
Very shortly after you apply for a loan, we'll provide you with the "Good Faith Estimate" of your costs. This closing cost estimate comes out of our past experience. Please note that while our GFEs are very accurate, we cannot always predict closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that can vary a little bit at closing.
Below you'll find a general list of closing costs. We will provide a specific list of your closing costs when we give you a Good Faith Estimate.
Standard Closing Costs
Various TaxesLoan-related costs Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Credit Report Interest Payment Escrow Fees
Transfer Taxes & Recording Fees Insurance
Title Insurance Flood / Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI)
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