"Closing Costs" are the fees that cover various services involved in the sale of a home. Buyers & sellers 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 getting the mortgage loan. Since Reliance Mortgage Service, Inc has extensive experience with mortgages & closings, we are closing cost experts.
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. This closing cost estimate comes out of the loan officer's past experience. Please note that while our LEs are very precise, we can't always estimate your closing costs to the penny. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that can vary a little bit at the closing table.
Below is a fairly generic list of closing costs. We will always provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs Obtaining YourCredit Report Up-front Interest Payment Escrow Account TaxesLoan Origination Fee Points — lower your interest rate (optional) Appraisal Costs Property Taxes Recording Fees and Transfer Taxes Insurance Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood / Quake Insurance if applicable
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