About Closing Costs
"Closing Costs" are the fees which pay for various services involved when you sell or buy a house. Sellers & buyers negotiate to determine who will pay different portions of these closing costs.
As you'll see below, many of the buyer's closing costs are related to the costs of originating the mortgage loan. Since Reliance Mortgage Service, Inc has extensive experience with closings & mortgages, we are closing cost experts.
Loan Estimates (LEs)
Soon after you apply for a loan, we will provide you with the "Loan Estimate" of your costs. We base this cost estimate on our extensive past experience. It's important to note that while our LEs are very accurate, we can't always predict your costs to the penny. We field questions about closing costs every day at Reliance Mortgage Service, Inc, so don't hesitate to contact us if you have questions.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, soon after you complete 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 — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Loan-related costs
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood / Quake Insurance
Reliance Mortgage Service, Inc can help you understand closing costs. Give us a call at 562 320-0510.