Don't Forget Closing Costs
All residential real estate transactions incurs fixed costs. Buyers and sellers usually split these costs, as specified in the real estate sales contract.
As you'll see below, many of the buyer's closing costs cover the costs of originating the mortgage loan. Since Coastal Mortgage Corp. is highly experienced with mortgages & closings, we often explain the details of closing costs.
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 spelled out in the LE are estimated based on our experience with mortgage loans, but costs usually change by small amounts between the LE and closing. We answer buyers' questions about these costs every day at Coastal Mortgage Corp., so please feel free to ask if you have questions.
Below is a fairly generic list of closing costs. We will provide a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs
- Up-front Interest Payment
- Escrow Account
- Loan-related costs
- Points — lower your mortgage interest rate (optional)
- Appraisal Fee
- Pulling YourCredit Report
- Recording Fees & Transfer Taxes
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
At Coastal Mortgage Corp., we answer questions about closing costs every day. Call us: 504-866-5626.
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