Every home sale incurs certain fixed costs. Sellers and buyers usually share these closing costs, as specified in the real estate sales contract.
As you'll see below, many of the closing costs result from getting your loan. At Riviera Funding, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs in your "Loan Estimate".
Soon after you apply for a loan, we'll provide you with a "Loan Estimate" of your closing costs. This cost estimate comes out of the loan officer's past experience. It's important to note that while our LEs are very precise, we cannot always estimate closing costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can vary a little bit at closing.
Below is a general list of closing costs. We will provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs Loan-Related Costs Loan-related costs Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Getting Your Credit Report Interest Payment Escrow Account Taxes Property Taxes Insurance Transfer Taxes and Recording Fees Homeowners Insurance Title Insurance Flood / Quake Insurance Private Mortgage Insurance (PMI)
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