How do Closing Costs Work?

All residential real estate transactions incurs certain fixed costs. Buyers and sellers customarily split these costs, as specified in the sales contract.

Many of the costs associated with buying residential real estate are associated with getting the mortgage. Since RTC Mortgage Corporation is highly experienced with mortgages & closings, we are closing cost experts.

Good Faith Estimate (GFE)

Buyers will get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. This closing cost estimate is based on the loan officer's past experience. Please note that while our GFEs are very accurate, we cannot always predict your closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that can change slightly at the closing table.

Below is a fairly general list of closing costs. We will provide you with a specific list of your closing costs when we provide your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Escrow Account
  • Taxes
  • Loan-related costs
  • Points — lower your interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Interest Payment
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood or Quake Insurance
  • Private Mortgage Insurance (PMI)

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

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