What are Closing Costs?
Every home sale incurs certain fixed costs. Sellers and buyers customarily share these closing costs, as specified in the real estate sales contract.
As the list below indicates, many of the closing costs result from getting your loan. Since Coastal Mortgage Corp. has extensive experience with mortgages and closings, we are closing cost experts.
The Good Faith Estimate (GFE)
Soon after you apply for a loan, we will provide you with a "Good Faith Estimate" of your closing costs. We base this cost estimate on our extensive past experience. Please note that while our GFEs are very precise, we can't always estimate your costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that can vary a little bit at the closing table.
Below is a fairly generic list of costs for buying residential real estate. We will provide a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
- Escrow Fees
- Various Taxes
- Loan-related costs
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Getting Your Credit Report
- Up-front Interest Payment
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance if applicable
Coastal Mortgage Corp. can help you understand closing costs. Give us a call at 504-866-5626.
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