There are certain standard costs associated with closing the sale of a house. Buyers and sellers almost always split these closing costs, as specified in the sales contract.
As you'll see below, many of the buyer's costs cover the costs of originating the loan. At Riviera Funding, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Loan Estimate".
Soon after you apply for a loan, we'll provide you with the "Loan Estimate" of your closing costs. The closing costs spelled out in the LE are estimated based on Riviera Funding's experience with mortgage loans, but costs usually change a little bit between delivery of the LE and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that sometimes vary a little bit at the closing table.
Below is a generic list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs Loan-Related Costs Credit Report Interest Payment Escrow Account TaxesCosts related to "originating" your loan Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Costs Property Taxes Transfer Taxes & Recording Fees Insurance Homeowners Insurance Flood / Quake Insurance Private Mortgage Insurance (PMI) Title Insurance
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