How do Closing Costs Work?

"Closing Costs" are the fees which pay for the various services involved in the sale of a house. Buyers & sellers usually negotiate to determine who will pay different portions of these closing costs.

Many of the costs associated with buying a home are associated with getting a loan. Since RTC Mortgage Corporation is highly experienced with closings and mortgages, we can help you understand your closing costs.

Loan Estimates (LEs)

Soon after you submit your application, we will provide you with the "Loan Estimate" of your closing costs. This closing cost estimate comes out of the loan officer's past experience. It's important to note that while our LEs are very precise, we cannot always estimate your closing costs to the penny. We go over LEs with buyers every day, so we are happy to answer the you have about closing costs.

We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, soon after you have completed your loan 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
  • Taxes
  • Loan Origination Fee
  • Points — These are costs you pay up-front to lower your interest rate (optional)
  • Appraisal Costs
  • Credit Report
  • Up-front Interest Payment
  • Escrow Account
Property Taxes
  • Recording Fees and Transfer Taxes
  • Insurance
Homeowners Insurance
  • Flood or Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

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

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