What are Closing Costs?

"Closing Costs" are the fees which cover the various services involved when you sell or buy residential real estate. Sellers and buyers almost always negotiate to determine who will pay different portions of these costs.

As the list below indicates, many of the costs result from getting your mortgage loan. Since Riviera Funding has extensive experience with mortgages and closings, we are closing cost experts.

Good Faith Estimates (GFEs)

Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The cost estimate comes out of our past experience. Please note that while our GFEs are very precise, we can't always predict your costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that can change slightly at the closing table.

Below you'll find a generic list of costs for buying a home. We will provide a specific list of your closing costs when we give you a Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Interest Payment
  • Escrow Fees
  • Various Taxes
  • Costs related to "originating" your loan
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Costs
  • Getting YourCredit Report
Property Taxes
  • Recording Fees & Transfer Taxes
  • Insurance
Homeowners Insurance
  • Flood or Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

At Riviera Funding, we answer questions about closing costs every day. Call us: (310) 373-7406.

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