"Closing Costs" are the fees which pay for various services involved in the sale of a house. Sellers & buyers negotiate the payment of these closing costs.
As you'll see below, many of the buyer's costs are related to the costs of getting the mortgage loan. At RTC Mortgage Corporation, we are highly experienced in mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Loan Estimate".
Very soon after you apply for a loan, we'll give you a "Loan Estimate" of your closing costs. The closing costs enumerated in the LE are estimated based on our experience with mortgage loans, but costs usually vary a little bit between delivery of the LE and closing. We go over LEs with buyers every day, so we will be happy to answer your questions about closing costs.
Below you'll find a fairly generic list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs Appraisal Fee Obtaining Your Credit Report Up-front Interest Payment Escrow Fees TaxesCosts related to "originating" your loan Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Property Taxes Recording Fees and Transfer Taxes Insurance Homeowners Insurance Title Insurance Flood or Earthquake Insurance Private Mortgage Insurance (PMI)
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