About Closing Costs
Every home sale incurs costs. Sellers and buyers almost always split these costs, as the sales contract specifies.
As indicated below, many of the buyer's costs are related to the costs of originating the loan. Since Reliance Mortgage Service, Inc is highly experienced with mortgages & closings, we often explain the details of closing costs.
The Loan Estimate (LE)
Soon after you submit your application, we'll provide you with the "Loan Estimate" of your closing costs. The closing costs spelled out in the LE are estimated based on Reliance Mortgage Service, Inc's experience with mortgage loans, but costs often change a little bit between the Loan Estimate (LE) and closing. We handle buyers' questions about closing costs every day at Reliance Mortgage Service, Inc, so please feel free to contact us if we can help answer your 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 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
- Escrow Fees
- Various Taxes
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Getting Your Credit Report
- Interest Payment
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood or 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.