"Closing Costs" are the fees that cover various services involved in the sale of residential real estate. Sellers and buyers often negotiate to decide how to split these costs.
As indicated below, many of the closing costs result from getting your mortgage loan. At RTC Mortgage Corporation, we are highly experienced in mortgage lending, so we can provide you with a comprehensive list of mortgage-related costs in your "Loan Estimate".
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the Loan Estimate are estimated based on RTC Mortgage Corporation's experience with mortgage loans, but costs often vary a little bit between delivery of the LE and closing. We go over LEs with buyers almost every day, so we'd be glad to answer your questions about closing costs.
Below is a fairly generic list of closing costs. We will provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
Loan Origination Fee Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Fee Obtaining Your Credit Report Interest Payment Escrow Fees Taxes
Insurance Transfer Taxes & Recording Fees
Title Insurance Flood / Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI)
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