There are certain standard costs associated with closing the sale of a house. Buyers and sellers customarily split these costs, as the sales contract specifies.
As indicated below, many of the buyer's closing costs are related to the costs of getting the mortgage loan. At RTC Mortgage Corporation, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related costs in your "Good Faith Estimate".
Buyers will receive a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing cost estimate is based on our past experience. It's important to note that while our GFEs are very precise, we can't always estimate costs to the penny. We field buyers' questions about closing costs every day at RTC Mortgage Corporation, so please be sure to ask if we can help answer your questions.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, very soon after you have completed your application. At RTC Mortgage Corporation, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
TaxesCosts associated with "originating" your loan Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Costs Credit Report Up-front Interest Payment Escrow Account
Recording Fees and Transfer Taxes Insurance
Title Insurance Flood or Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI)
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