Closing Costs for Residential Real Estate Transactions

"Closing Costs" are the fees which cover various services involved in the sale of residential real estate. Sellers and buyers usually negotiate to determine who will pay different portions of these closing costs.

As indicated 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 list of closing costs related to your mortgage in your "Good Faith Estimate".

The Good Faith Estimate (Also know as the GFE)

Very shortly after you submit your application, we'll give you a "Good Faith Estimate" of your costs. The closing costs enumerated in the GFE are estimated based on Reliance Mortgage Service, Inc's experience with mortgage loans, but costs usually change by small amounts between delivery of the Good Faith Estimate (GFE) and closing. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that sometimes change slightly at closing.

Below is a fairly general list of closing costs. We will always provide a specific list of your closing costs when we deliver your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Costs
  • Getting Your Credit Report
  • Interest Payment
  • Escrow Account
  • Taxes
  • Costs associated with "originating" your loan
Property Taxes
  • Recording Fees & Transfer Taxes
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood / Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)

At Reliance Mortgage Service, Inc, we answer questions about closing costs every day. Give us a call at 562 320-0510.

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