"Closing Costs" are the fees which pay for the various services involved when you sell or buy residential real estate. Sellers & buyers almost always negotiate to decide how to split these costs.
Many of the closing costs associated with buying a home are associated with getting a mortgage loan. Since Reliance Mortgage Service, Inc has extensive experience with closings & mortgages, we are closing cost experts.
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing cost estimate is based on the loan officer's past experience. It's important to note that while our LEs are very precise, we can't always estimate your costs to the penny. We field buyers' 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 closing costs below, but we will provide you a specific list of closing costs, with amounts, very 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
Appraisal Costs Credit Report Interest Payment Escrow Account Various TaxesLoan-related costs Points — lower your interest rate (optional)
InsuranceRecording Fees & Transfer Taxes
Flood or Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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