"Closing Costs" are the fees which pay for various services involved in the sale of residential real estate. Sellers and buyers negotiate to determine who will pay different portions of these costs.
As you'll see below, many of the buyer's closing costs cover the costs of originating the loan. Since RTC Mortgage Corporation is highly experienced with mortgages & closings, we can help you understand your closing costs.
Soon after you apply for a loan, we will give you the "Loan Estimate" of your costs. The closing costs spelled out in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often vary by small amounts between the LE and closing. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that sometimes change slightly at closing.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, soon after you complete your 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 Loan-related costs Points — lower your mortgage interest rate (optional) Appraisal Fee Obtaining Your Credit Report Up-front Interest Payment Escrow Fees Various Taxes Property Taxes Recording Fees & Transfer Taxes Insurance Homeowners Insurance Title Insurance Flood or Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
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