Don't Forget Closing Costs

"Closing Costs" are the fees that cover various services involved in the sale of a home. Sellers & buyers negotiate to decide how to share these closing costs.

As you'll see below, many of the buyer's costs are related to the costs of originating the loan. At Reliance Mortgage Service, Inc, we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Loan Estimate".

The Loan Estimate (LE)

Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this closing cost estimate on our many years of past experience. Please note that while our LEs are very precise, we cannot always predict your costs to the penny. We field buyers' questions about these costs every day at Reliance Mortgage Service, Inc, so don't hesitate to ask if you have questions.

We've provided a general list of closing costs below, but we will provide 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

• Interest Payment
• Escrow Fees
• Taxes
• Loan Origination Fee
• Points — These are costs you pay up-front to lower your interest rate (optional)
• Appraisal Fee
• Getting YourCredit Report

Property Taxes

• Insurance
• Recording Fees & Transfer Taxes

Homeowners Insurance

• Title Insurance
• Flood / Earthquake Insurance
• Private Mortgage Insurance (PMI)

Reliance Mortgage Service, Inc can help you understand closing costs. Give us a call at 5623200510.