"Closing Costs" are the fees which cover various services involved in the sale of residential real estate. Sellers and buyers almost always negotiate the payment of these costs.
As indicated below, many of the buyer's closing costs are related to the costs of getting the mortgage loan. At Reliance Mortgage Service, Inc, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Buyers will get a "Loan Estimate" of closing costs around 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 can't always predict your costs to the penny. We handle buyers' questions about these costs every day at Reliance Mortgage Service, Inc, so don't hesitate to contact us if we can help answer your questions.
Below you'll find a fairly generic list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs Loan-Related Costs Escrow Account Various TaxesCosts associated with "originating" your loan Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Credit Report Up-front Interest Payment Property Taxes Transfer Taxes & Recording Fees Insurance Homeowners Insurance Title Insurance Flood / Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI)
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