Don't Forget Closing Costs
There are certain standard costs related to closing the sale of a house. Buyers and sellers almost always share these closing costs, as specified in the real estate sales contract.
As you'll see below, many of the buyer's costs cover the costs of getting the loan. At Atlantic Financial Services, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Very soon after you submit your application, we will provide you with the "Loan Estimate" of your costs. We base this cost estimate on our many years of past experience. It's important to note that while our LEs are very accurate, we can't always estimate costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes change slightly at the closing table.
We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you complete your loan application. At Atlantic Financial Services, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Escrow Account
- Various Taxes
- Costs associated with "originating" your loan
- Points — lower your interest rate (optional)
- Appraisal Fee
- Pulling Your Credit Report
- Interest Payment
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Quake Insurance
At Atlantic Financial Services, we answer questions about closing costs every day. Give us a call: (732) 969-9300.