How do Closing Costs Work?
Every home sale involves certain costs. Buyers and sellers usually split these costs, as the sales contract specifies.
As indicated below, many of the costs result from getting your loan. At Coastal Mortgage Corp., we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Buyers will get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the Good Faith Estimate are estimated based on Coastal Mortgage Corp.'s experience with mortgage loans, but costs usually vary a little bit between delivery of the Good Faith Estimate (GFE) and closing. We go over Good Faith Estimates with buyers almost every day, so we are happy to answer your questions about closing costs.
Below you'll find a fairly general list of closing costs. We will always provide a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
- Loan-related costs
- Points — A fee paid to lower your interest rate (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Fees
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood / Earthquake 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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