What are Closing Costs?

"Closing Costs" are the fees that cover the various services involved in the sale of a house. Buyers and sellers negotiate to decide how to share these costs.

As you'll see below, many of the buyer's costs cover the costs of originating the mortgage loan. At Atlantic Financial Services, we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on costs related to your mortgage in your "Loan Estimate".

The Loan Estimate (Also known as the LE)

Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this closing cost estimate on our extensive past experience. It's important to note that while our LEs are very accurate, we can't always estimate your 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 give you a specific list of closing costs, with amounts, soon after you have completed your 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

Loan-Related Costs
  • Taxes
  • Costs related to "originating" your loan
  • Points — These are costs you pay up-front to lower your interest rate (optional)
  • Appraisal Fee
  • Obtaining Your Credit Report
  • Up-front Interest Payment
  • Escrow Fees
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood or Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)

Atlantic Financial Services can answer questions about these closing costs. Call us at (732) 969-9300.

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