All residential real estate sales incurs certain fixed costs. Buyers and sellers usually split these closing costs, as the sales contract specifies.
Many of the costs associated with buying residential real estate are associated with getting a loan. At RTC Mortgage Corporation, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Loan Estimate".
Soon after you submit your application, we'll give you the "Loan Estimate" of your costs. The closing costs enumerated in the Loan Estimate are estimated based on RTC Mortgage Corporation's experience with mortgage loans, but costs usually vary a little bit between the Loan Estimate (LE) and closing. We handle 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 will provide you a specific list of closing costs, with amounts, very soon after you have completed 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 Appraisal Fee Credit Report Up-front Interest Payment Escrow Account Various TaxesCosts associated with "originating" your loan Points — A fee paid to lower your mortgage interest rate (optional) 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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