Certain standard costs are related to closing the sale of a house. Buyers and sellers customarily split these closing costs, as specified in the real estate sales contract.
Many of the closing costs associated with buying residential real estate are associated with getting the loan. Since Riviera Funding is highly experienced with closings & mortgages, we can help you understand your closing costs.
Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The cost estimate is based on the loan officer's past experience. Please note that while our LEs are very accurate, we cannot always predict your closing costs to the penny. We field buyers' questions about closing costs every day at Riviera Funding, so please be sure to contact us if you have questions.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Riviera Funding, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs Loan-Related Costs Various TaxesCosts related to "originating" your loan Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Fee Getting Your Credit Report Interest Payment Escrow Fees Property Taxes Transfer Taxes & Recording Fees Insurance Homeowners Insurance Title Insurance Flood or Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI)
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