What are Closing Costs?
"Closing Costs" are the fees which pay for various services involved in the sale of a home. Buyers and sellers usually negotiate to decide how to share these closing costs.
As the list below indicates, many of the closing costs result from getting your mortgage loan. At Reliance Mortgage Service, Inc, we are highly experienced in mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Good Faith Estimate".
Good Faith Estimate (GFE)
Very shortly after you submit your application, we will give you the "Good Faith Estimate" of your closing costs. The closing costs enumerated in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs usually change a little bit between the Good Faith Estimate (GFE) and closing. We answer questions about these costs every day at Reliance Mortgage Service, Inc, so please feel free to ask if we can help answer your questions.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, soon after you have completed your loan application. At Reliance Mortgage Service, Inc, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Loan-related costs
- Points — lower your mortgage interest rate (optional)
- Appraisal Costs
- Obtaining Your Credit Report
- Up-front Interest Payment
- Escrow Fees
- Recording Fees and Transfer Taxes
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
Reliance Mortgage Service, Inc can answer questions about these closing costs. Call us: 562 320-0510.