Closing Costs for Residential Real Estate Transactions
All residential real estate transactions incurs costs. Buyers and sellers usually split these costs, as specified in the sales contract.
As you'll see below, many of the buyer's closing costs are related to the costs of getting the mortgage loan. Since Coastal Mortgage Corp. has extensive experience with closings & mortgages, we are closing cost experts.
The Good Faith Estimate (Also know as the GFE)
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The cost estimate is based on the loan officer's past experience. Please note that while our GFEs are very accurate, we can't always estimate closing costs to the penny. We go over Good Faith Estimates with buyers every day, so we'd be glad to answer your questions about closing costs.
Below is a general list of costs for buying a home. We will provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
- Recording Fees and Transfer Taxes
- Flood / Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
Coastal Mortgage Corp. can help you understand closing costs. Call us: 504-866-5626.
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