What are Closing Costs?

"Closing Costs" are the fees which cover the various services involved in the sale of a house. Buyers and sellers often negotiate to decide how to split these closing costs.

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

The Good Faith Estimate (GFE)

Very shortly after you submit your application, we will provide you with a "Good Faith Estimate" of your closing costs. This cost estimate comes out of our past experience. It's important to note that while our GFEs are very accurate, we cannot always estimate closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that can change slightly at closing.

We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you have completed your loan 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
  • Interest Payment
  • Escrow Account
  • Various Taxes
  • Costs associated with "originating" your loan
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Costs
  • Credit Report
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood / Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)

At RTC Mortgage Corporation, we answer questions about closing costs every day. Give us a call at (949) 494-4701.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question