Closing Costs for Residential Real Estate Transactions
There are certain standard costs associated with closing the sale of a home. Buyers and sellers usually split these costs, as specified in the sales contract.
As you'll see below, many of the buyer's costs cover the costs of getting the loan. At Riviera Funding, we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Loan Estimate".
Loan Estimates (LEs)
Soon after you apply for a loan, we will give you the "Loan Estimate" of your costs. The closing costs enumerated in the Loan Estimate are estimated based on Riviera Funding's experience with mortgage loans, but costs often change by small amounts between delivery of the LE and closing. We explain LEs with buyers 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 will provide you a specific list of closing costs, with amounts, very soon after you have completed your application. At Riviera Funding, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Various Taxes
- Loan-related costs
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Transfer Taxes and Recording Fees
- Flood / Quake 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.