Closing Costs for Home Real Estate Transactions
"Closing Costs" are the fees that pay for various services involved when you sell or buy a home. Sellers & buyers usually negotiate to determine who will pay different portions of these closing costs.
As you'll see below, many of the costs result from getting your mortgage loan. At RTC Mortgage Corporation, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Loan Estimate".
The Loan Estimate (LE)
Soon after you apply for a loan, we will provide you with the "Loan Estimate" of your closing costs. The closing costs spelled out in the Loan Estimate are estimated based on RTC Mortgage Corporation's experience with mortgage loans, but costs usually vary by small amounts between the LE and closing. We go over Loan Estimates with buyers almost every day, so we'd be glad to answer the you have about closing costs.
We've provided a general list of closing costs below, but we'll 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
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Recording Fees & Transfer Taxes
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
At RTC Mortgage Corporation, we answer questions about closing costs every day. Call us at 9494944701.