About Closing Costs
"Closing Costs" are the fees which cover various services involved when you sell or buy residential real estate. Sellers & buyers almost always negotiate the payment of these closing costs.
As you'll see below, many of the buyer's costs cover the costs of originating the mortgage loan. Since Coastal Mortgage Corp. is highly experienced with mortgages and closings, we are closing cost experts.
Good Faith Estimate (GFE)
Soon after you apply for a loan, we'll give you a "Good Faith Estimate" of your costs. This cost estimate is based on the loan officer's past experience. It's important to note that while our GFEs are very precise, we can't always estimate your costs to the penny. We answer questions about closing costs every day at Coastal Mortgage Corp., so please be sure to ask if you have questions.
Below is a generic list of costs for buying a home. We will provide a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
- Points — lower your mortgage interest rate (optional)
- Appraisal Fee
- Pulling Your Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Loan Origination Fee
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood or Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
Coastal Mortgage Corp. can help you understand closing costs. Call us at 504-866-5626.
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