What are Closing Costs?
"Closing Costs" are the fees that cover various services involved in the sale of a house. Buyers and sellers almost always negotiate these costs.
As you'll see below, many of the buyer's closing costs are related to the costs of originating the loan. At Coastal Mortgage Corp., we have extensive experience in mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Loan Estimate".
Loan Estimates (LEs)
Buyers 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 extensive past experience. It's important to note that while our LEs are very accurate, we cannot always estimate your closing costs to the penny. We handle buyers' questions about closing costs every day at Coastal Mortgage Corp., so don't hesitate to ask if we can help answer your questions.
Below you'll find a general list of closing costs. We will always provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Loan Origination Fee
- Transfer Taxes & Recording Fees
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Coastal Mortgage Corp. can answer questions about these closing costs. Give us a call at 504-866-5626.
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