Closing Costs for Residential Real Estate Transactions
Every home sale incurs fixed costs. Buyers and sellers almost always split these costs, as the sales contract specifies.
Many of the costs associated with buying a house are associated with getting the mortgage. Since Coastal Mortgage Corp. is highly experienced with closings & mortgages, we often explain the details of closing costs.
Good Faith Estimates (GFEs)
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. We base this closing cost estimate on our many years of past experience. Please note that while our GFEs are very accurate, we cannot always estimate your costs to the penny. We handle buyers' questions about closing costs every day at Coastal Mortgage Corp., so don't hesitate to contact us if you have questions.
Below is a fairly generic list of closing costs. We will provide you with a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account
- Various Taxes
- Loan Origination Fee
- Points — lower your mortgage interest rate (optional)
- Transfer Taxes & Recording Fees
- Flood / Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Coastal Mortgage Corp. can answer questions about these closing costs. Call us: 504-866-5626.
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