About Closing Costs
There are certain standard costs related to closing the sale of a house. Buyers and sellers customarily share these costs, as the sales contract specifies.
As indicated below, many of the buyer's costs are related to the costs of getting the mortgage loan. At Coastal Mortgage Corp., we have extensive experience in mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Soon after you apply for a loan, we will give you the "Loan Estimate" of your closing costs. The closing cost estimate is based on our past experience. It's important to note that while our LEs are very precise, we can't always predict costs to the penny. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that can vary a little bit at closing.
Below is a general list of costs for buying residential real estate. We will provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
- Escrow Account
- Various Taxes
- Loan Origination Fee
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Getting Your Credit Report
- Interest Payment
- Transfer Taxes & Recording Fees
- Title Insurance
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
At Coastal Mortgage Corp., we answer questions about closing costs every day. Give us a call at 504-866-5626.
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