How do Closing Costs Work?

Certain standard costs are related to closing the sale of a house. Buyers and sellers customarily share these costs, as the sales contract specifies.

Many of the closing costs associated with buying a house are associated with getting a mortgage loan. At RTC Mortgage Corporation, we have extensive experience in mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs in your "Good Faith Estimate".

Good Faith Estimates (GFEs)

Very soon after you apply for a loan, we will give you a "Good Faith Estimate" of your closing costs. The closing costs specified in the Good Faith Estimate are estimated based on RTC Mortgage Corporation's experience with mortgage loans, but costs often vary by small amounts between delivery of the GFE and closing. We will be glad to review the "Good Faith Estimate," answering your questions and highlighting costs that can vary a little bit at closing.

We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed your application. At RTC Mortgage Corporation, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Pulling YourCredit Report
  • Up-front Interest Payment
  • Escrow Fees
  • Taxes
  • Loan-related costs
  • Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
  • Appraisal Costs
Property Taxes
  • Recording Fees & Transfer Taxes
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Earthquake Insurance if applicable

At RTC Mortgage Corporation, we answer questions about closing costs every day. Call us: (949) 494-4701.

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