"Closing Costs" are the fees which pay for various services involved in the sale of a house. Buyers and sellers usually negotiate these costs.
As indicated below, many of the buyer's closing costs cover the costs of originating the loan. Since RTC Mortgage Corporation has extensive experience with closings & mortgages, we often explain the details of closing costs.
Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the LE are estimated based on RTC Mortgage Corporation's experience with mortgage loans, but costs often vary by small amounts between the LE and closing. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that sometimes change slightly at closing.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you complete your loan 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 Escrow Account Various TaxesLoan-related costs Points — lower your interest rate (optional) Appraisal Costs Pulling Your Credit Report Interest Payment Property Taxes Recording Fees & Transfer Taxes Insurance Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood / Earthquake Insurance if applicable
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