Certain standard costs are associated with closing the sale of a house. Sellers and buyers customarily split these costs, as the sales contract specifies.
As you'll see below, many of the closing costs result from getting your mortgage. Since Coastal Mortgage Corp. is highly experienced with mortgages and closings, we often explain the details of closing costs.
Loan Estimates (LEs)
Soon after you apply for a loan, we will provide you with a "Loan Estimate" of your costs. The closing costs specified in the LE are estimated based on Coastal Mortgage Corp.'s experience with mortgage loans, but costs often vary a little bit between the LE and closing. We explain Loan Estimates with buyers almost every day, so we will be happy to answer the you have about closing costs.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, soon after you have completed your 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
- Up-front Interest Payment
- Escrow Fees
- Costs associated with "originating" your loan
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Obtaining YourCredit Report
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance
At Coastal Mortgage Corp., we answer questions about closing costs every day. Give us a call: 504-866-5626.
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