About Closing Costs
"Closing Costs" are the fees which pay for various services involved in the sale of a home. Sellers & buyers negotiate to decide how to split these costs.
As the list below indicates, many of the closing costs result from getting your loan. At Coastal Mortgage Corp., we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Buyers will receive a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the GFE are estimated based on our experience with mortgage loans, but costs usually change a little bit between delivery of the GFE and closing. We will be glad to review the "Good Faith Estimate," answering your questions and highlighting costs that can change slightly at closing.
Below is a fairly general list of closing costs. We will provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Costs related to "originating" your loan
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Transfer Taxes & Recording Fees
- Title Insurance
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
Coastal Mortgage Corp. can answer questions about these closing costs. Give us a call: 504-866-5626.
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