About Closing Costs
All residential real estate sales incurs certain costs. Sellers and buyers customarily share these costs, as specified in the real estate sales contract.
As you'll see below, many of the buyer's costs are related to the costs of getting the loan. At Coastal Mortgage Corp., we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Loan Estimate".
Loan Estimates (LEs)
Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this cost estimate on our many years of past experience. It's important to note that while our LEs are very precise, we can't always estimate closing costs to the penny. We handle buyers' questions about closing costs every day at Coastal Mortgage Corp., so please feel free to ask if we can help answer your questions.
Below is a fairly general list of closing costs. We will provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
- Pulling YourCredit Report
- Up-front Interest Payment
- Escrow Account
- Various Taxes
- Loan Origination Fee
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Transfer Taxes & Recording Fees
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Coastal Mortgage Corp. can help you understand closing costs. Give us a call: 504-866-5626.
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