"Closing Costs" are the fees that pay for the various services involved in the sale of a home. Sellers & buyers often negotiate these closing costs.
As you'll see below, many of the buyer's closing costs are related to the costs of getting the mortgage loan. Since RTC Mortgage Corporation is highly experienced with mortgages & closings, we often explain the details of closing costs.
Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the LE are estimated based on RTC Mortgage Corporation's experience with mortgage loans, but costs often vary by small amounts between the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that sometimes vary a little bit at closing.
Below you'll find a generic list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs Loan-Related Costs Appraisal Fee Credit Report Interest Payment Escrow Account Various TaxesLoan-related costs Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Property Taxes Insurance Transfer Taxes & Recording Fees Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood or Quake Insurance if applicable
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