What are Closing Costs?
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"Closing Costs" are the fees which pay for various services involved when you sell or buy residential real estate. Buyers and sellers often negotiate these closing costs.
As indicated below, many of the buyer's costs cover the costs of getting the loan. Since Reliant Mortgage Services has extensive experience with mortgages & closings, we can help you understand your closing costs.
Good Faith Estimates (GFEs)
Very soon after you submit your application, we'll give you the "Good Faith Estimate" of your closing costs. We base this cost estimate on our extensive past experience. Please note that while our GFEs are very accurate, we cannot always estimate your closing costs to the penny. We go over Good Faith Estimates with buyers almost every day, so we will be happy to answer your questions about closing costs.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you complete your application. At Reliant Mortgage Services, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Escrow Account
- Costs related to "originating" your loan
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
Reliant Mortgage Services can help you understand closing costs. Give us a call at (956) 622-4307.