"Closing Costs" are the fees which cover the various services involved when you sell or buy a home. Sellers & buyers usually negotiate the payment of these costs.
As you'll see below, many of the buyer's closing costs are related to the costs of getting the mortgage loan. Since Riviera Funding has extensive experience with mortgages and closings, we often explain the details of closing costs.
Very soon after you submit your application, we'll give you the "Loan Estimate" of your costs. The closing costs spelled out in the Loan Estimate are estimated based on our experience with mortgage loans, but costs usually change by small amounts between delivery of the Loan Estimate (LE) and closing. We answer questions about closing costs every day at Riviera Funding, so don't hesitate to ask if we can help answer your questions.
Below is a generic list of closing costs. We will always provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs Loan-Related Costs Loan-related costs Points — A fee paid to lower your interest rate (optional) Appraisal Costs Credit Report Up-front Interest Payment Escrow Account Various Taxes Property Taxes Insurance Transfer Taxes and Recording Fees Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood / Earthquake Insurance
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