Every home sale incurs certain costs. Sellers and buyers almost always share these closing costs, as the sales contract specifies.
As you'll see below, many of the buyer's closing costs are related to the costs of originating the loan. Since Reliance Mortgage Service, Inc has extensive experience with mortgages and closings, we often explain the details of closing costs.
Soon after you apply for a loan, we will give you a "Loan Estimate" of your closing costs. We base this closing cost estimate on our extensive past experience. It's important to note that while our LEs are very precise, 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 can change slightly at closing.
Below is a fairly generic list of costs for buying a home. We will provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
Escrow Account TaxesLoan-related costs Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Pulling Your Credit Report Up-front Interest Payment
Insurance Transfer Taxes and Recording Fees
Flood or Quake Insurance Private Mortgage Insurance (PMI) Title Insurance
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.