"Closing Costs" are the fees that cover various services involved when you sell or buy residential real estate. Buyers and sellers almost always negotiate the payment of these costs.
As indicated below, many of the costs result from getting your loan. Since RTC Mortgage Corporation has extensive experience with closings & mortgages, we often explain the details of closing costs.
Buyers will receive a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. This closing cost estimate comes out of the loan officer's past experience. Please note that while our GFEs are very accurate, we can't always estimate your costs to the penny. We review Good Faith Estimates with buyers almost every day, so we will be happy to answer your questions about closing costs.
We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, soon after you complete your loan 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
Loan-related costs Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Costs Credit Report Up-front Interest Payment Escrow Account Taxes
Insurance Transfer Taxes & Recording Fees
Flood or Earthquake Insurance Private Mortgage Insurance (PMI) Title Insurance
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