"Closing Costs" are the fees which cover various services involved in the sale of residential real estate. Buyers & sellers negotiate the payment of these costs.
Many of the costs associated with buying residential real estate are associated with getting a mortgage. Since RTC Mortgage Corporation has extensive experience with mortgages & closings, we often explain the details of closing costs.
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the LE are estimated based on our experience with mortgage loans, but costs often vary a little bit between the Loan Estimate (LE) and closing. We go over Loan Estimates with buyers every day, so we'd be glad to answer your questions about closing costs.
Below is a general list of closing costs. We will always provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs Loan-Related Costs TaxesLoan Origination Fee Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Fee Getting Your Credit Report Up-front Interest Payment Escrow Account Property Taxes Transfer Taxes and Recording Fees Insurance Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood / Earthquake Insurance
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