All residential real estate transactions incurs costs. Buyers and sellers usually share these closing costs, as the sales contract specifies.
As indicated below, many of the buyer's costs cover the costs of getting the loan. At Coastal Mortgage Corp., we have extensive experience in residential mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Soon after you submit your application, we will give you a "Good Faith Estimate" of your closing costs. The closing costs spelled out in the GFE are estimated based on Coastal Mortgage Corp.'s experience with mortgage loans, but costs often vary a little bit between the Good Faith Estimate (GFE) and closing. We answer questions about these costs every day at Coastal Mortgage Corp., so please feel free to contact us if we can help answer your questions.
Below you'll find a fairly general list of costs for buying a home. We will provide you with a specific list of your closing costs when we give you a Good Faith Estimate.
Standard Closing Costs
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Loan-related costs
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Pulling YourCredit Report
- Recording Fees & Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance
Coastal Mortgage Corp. can answer questions about these closing costs. Give us a call at 504-866-5626.
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