Closing Costs for Residential Real Estate Transactions
Certain standard costs are related to closing the sale of a house. Sellers and buyers almost always split these closing costs, as the real estate sales contract specifies.
As you'll see below, many of the buyer's costs are related to the costs of originating the loan. At Reliance Mortgage Service, Inc, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your "Loan Estimate".
The Loan Estimate (Also known as the LE)
Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the LE are estimated based on Reliance Mortgage Service, Inc's experience with mortgage loans, but costs usually change a little bit between the LE and closing. We field buyers' questions about closing costs every day at Reliance Mortgage Service, Inc, so please feel free to ask if we can help answer your questions.
We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, very soon after you have completed 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
- Appraisal Costs
- Getting Your Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Loan-related costs
- Points — lower your mortgage interest rate (optional)
- Recording Fees & Transfer Taxes
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
Reliance Mortgage Service, Inc can help you understand closing costs. Call us at 5623200510.