How do Closing Costs Work?

There are certain standard costs associated with closing the sale of a house. Buyers and sellers almost always share these costs, as specified in the sales contract.

As the list below indicates, many of the costs result from getting your mortgage. Since Coastal Mortgage Corp. is highly experienced with mortgages and closings, we can help you understand your closing costs.

Loan Estimates (LEs)

Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the Loan Estimate are estimated based on Coastal Mortgage Corp.'s experience with mortgage loans, but costs usually vary by small amounts between the LE and closing. We review LEs with buyers almost every day, so we are happy to answer your questions about closing costs.

Below is a general list of closing costs. We will always provide a specific list of your closing costs when we provide your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Points — lower your interest rate (optional)
  • Appraisal Costs
  • Credit Report
  • Interest Payment
  • Escrow Fees
  • Various Taxes
  • Costs associated with "originating" your loan
Property Taxes
  • Insurance
  • Recording Fees and Transfer Taxes
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Quake Insurance

At Coastal Mortgage Corp., we answer questions about closing costs every day. Call us: 504-866-5626.

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