Certain standard costs are associated with closing the sale of a house. Buyers and sellers usually split these costs, as specified in the real estate sales contract.
As indicated below, many of the closing costs result from getting your 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 at the time the loan application is submitted to the lender. The cost estimate is based on the loan officer's past experience. Please note that while our LEs are very precise, we cannot always predict closing costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can vary a little bit at closing.
Below you'll find a general list of costs for buying a home. We will always provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Fee Obtaining Your Credit Report Up-front Interest Payment Escrow Fees TaxesLoan-related costs Property Taxes Transfer Taxes and Recording Fees Insurance Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood / Earthquake Insurance if applicable
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