Closing Costs for Residential Real Estate Transactions
Certain standard costs are associated with closing the sale of a house. Sellers and buyers customarily share these closing costs, as specified in the sales contract.
As the list below indicates, many of the costs result from getting your loan. Since Coastal Mortgage Corp. has extensive experience with mortgages & closings, we can help you understand your closing costs.
Good Faith Estimates (GFEs)
Soon after you apply for a loan, we'll give you a "Good Faith Estimate" of your closing costs. We base this closing cost estimate on our extensive past experience. It's important to note that while our GFEs are very precise, we can't always predict costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that sometimes change slightly at the closing table.
Below is a fairly general list of closing costs. We will always provide you with a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
- Escrow Account
- Various Taxes
- Costs related to "originating" your loan
- Points — lower your interest rate (optional)
- Appraisal Costs
- Getting Your Credit Report
- Interest Payment
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
At Coastal Mortgage Corp., we answer questions about closing costs every day. Call us: 504-866-5626.
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