About Closing Costs
"Closing Costs" are the fees which pay for the various services involved in the sale of residential real estate. Buyers and sellers negotiate these costs.
As indicated below, many of the closing costs result from getting your mortgage loan. At Coastal Mortgage Corp., we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Loan Estimate".
Loan Estimates (LEs)
Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the LE are estimated based on our experience with mortgage loans, but costs usually change by small amounts between delivery of the Loan Estimate (LE) and closing. We explain LEs with buyers almost every day, so we'd be glad to answer the you have about closing costs.
We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you have completed your loan application. At Coastal Mortgage Corp., we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Interest Payment
- Escrow Account
- Costs associated with "originating" your loan
- Points — lower your mortgage interest rate (optional)
- Appraisal Fee
- Obtaining YourCredit Report
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
Coastal Mortgage Corp. can answer questions about these closing costs. Call us at 504-866-5626.
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