How do Closing Costs Work?

Certain standard costs are associated with closing the sale of a home. Buyers and sellers almost always share these costs, as the real estate sales contract specifies.

As you'll see below, many of the buyer's costs are related to the costs of getting the mortgage loan. Since RTC Mortgage Corporation is highly experienced with closings & mortgages, we are closing cost experts.

Loan Estimates (LEs)

Soon after you submit your application, we'll provide you with the "Loan Estimate" of your closing costs. We base this closing cost estimate on our extensive past experience. It's important to note that while our LEs are very accurate, we can't always estimate your costs to the penny. We review Loan Estimates with buyers every day, so we'd be glad to answer your questions about closing costs.

We've provided a general list of closing costs below, but we will 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'll be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Loan-related costs
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Obtaining Your Credit Report
  • Interest Payment
  • Escrow Fees
  • Various Taxes
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood / Earthquake Insurance
  • Private Mortgage Insurance (PMI)

RTC Mortgage Corporation can help you understand closing costs. Give us a call at 9494944701.

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