About Closing Costs
"Closing Costs" are the fees that cover various services involved when you sell or buy a home. Buyers & sellers almost always negotiate the payment of these closing costs.
As you'll see below, many of the costs result from getting your loan. At Reliance Mortgage Service, Inc, we are highly experienced in mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Soon after you submit your application, we'll give you the "Good Faith Estimate" of your costs. The closing costs specified in the GFE are estimated based on our experience with mortgage loans, but costs usually vary by small amounts between the Good Faith Estimate (GFE) and closing. We handle questions about these costs every day at Reliance Mortgage Service, Inc, so please feel free to ask if you have questions.
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 will be sure to let you know immediately.
Standard Closing Costs
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Getting Your Credit Report
- Interest Payment
- Escrow Fees
- Loan-related costs
- Transfer Taxes and Recording Fees
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance if applicable
Reliance Mortgage Service, Inc can help you understand closing costs. Call us at 562 320-0510.