"Closing Costs" are the fees which cover the various services involved in the sale of residential real estate. Sellers and buyers usually negotiate the payment of these costs.
As indicated below, many of the costs result from getting your mortgage loan. Since RTC Mortgage Corporation has extensive experience with mortgages and closings, we can help you understand your 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 Loan Estimate are estimated based on RTC Mortgage Corporation's experience with mortgage loans, but costs often change a little bit between the LE and closing. We field buyers' questions about these costs every day at RTC Mortgage Corporation, so please be sure to ask if you have questions.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you complete your application. At RTC Mortgage Corporation, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs Loan-Related Costs TaxesLoan Origination Fee Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Fee Getting Your Credit Report Up-front Interest Payment Escrow Account Property Taxes Transfer Taxes & Recording Fees Insurance Homeowners Insurance Title Insurance Flood / Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
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