"Closing Costs" are the fees which pay for the various services involved in the sale of a home. Buyers and sellers often negotiate the payment of these costs.
As you'll see below, many of the buyer's costs cover the costs of originating the loan. At Riviera Funding NMLS#861382 CA DRE Broker #01186669, we are highly experienced in mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Loan Estimate".
Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the LE are estimated based on our experience with mortgage loans, but costs often change by small amounts between the Loan Estimate (LE) and closing. We explain LEs with buyers almost every day, so we'd be glad to answer your questions about closing costs.
Below is a general list of closing costs. We will provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs Loan-Related Costs Appraisal Costs Pulling Your Credit Report Interest Payment Escrow Account TaxesCosts related to "originating" your loan Points — lower your interest rate (optional) Property Taxes Transfer Taxes & Recording Fees Insurance Homeowners Insurance Title Insurance Flood / Quake Insurance Private Mortgage Insurance (PMI)
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