How do Closing Costs Work?

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All residential real estate sales incurs certain fixed costs. Buyers and sellers usually share these costs, as the sales contract specifies.

As indicated below, many of the buyer's costs are related to the costs of originating the loan. At Reliant Mortgage Ltd, we are highly experienced in mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Good Faith Estimate".

Good Faith Estimates (GFEs)

Very shortly after you submit your application, we will give you a "Good Faith Estimate" of your costs. The closing costs enumerated in the GFE are estimated based on our experience with mortgage loans, but costs often vary a little bit between the GFE and closing. We field buyers' questions about closing costs every day at Reliant Mortgage Ltd, so don't hesitate to contact us if you have questions.

Below you'll find a general list of closing costs. We will always provide a specific list of your closing costs when we provide your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs

• Costs associated with "originating" your loan
• Points — These are costs you pay up-front to lower your interest rate (optional)
• Appraisal Costs
• Getting Your Credit Report
• Interest Payment
• Escrow Fees
• Taxes

Property Taxes

• Recording Fees & Transfer Taxes
• Insurance

Homeowners Insurance

• Title Insurance
• Flood or Earthquake Insurance if applicable
• Private Mortgage Insurance (PMI)

Reliant Mortgage Ltd can help you understand closing costs. Call us at (214) 545-5700.