What are Closing Costs?

"Closing Costs" are the fees which pay for the various services involved in the sale of residential real estate. Buyers and sellers almost always negotiate to decide how to split these costs.

As you'll see below, many of the closing costs result from getting your mortgage loan. At Reliance Mortgage Service, Inc, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Loan Estimate".

Loan Estimate (Also known as the LE)

Very soon after you submit your application, we will give you the "Loan Estimate" of your closing costs. The closing costs specified in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often vary a little bit between delivery of the Loan Estimate (LE) and closing. We review LEs with buyers every day, so we'd be glad to answer any questions you have about closing costs.

Below you'll find a fairly general list of closing costs. We will provide a specific list of your closing costs when we provide your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Up-front Interest Payment
  • Escrow Account
  • Taxes
  • Loan Origination Fee
Property Taxes
  • Insurance
  • Recording Fees and Transfer Taxes
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood or Earthquake Insurance

Reliance Mortgage Service, Inc can help you understand closing costs. Give us a call: 562 320-0510.

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