What are Closing Costs?
Every home sale incurs fixed costs. Sellers and buyers usually split these closing costs, as the sales contract specifies.
As the list below indicates, many of the costs result from getting your mortgage loan. At Atlantic Financial Services, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Good Faith Estimate".
The Good Faith Estimate (GFE)
Soon after you submit your application, we will provide you with a "Good Faith Estimate" of your closing costs. The closing costs spelled out in the GFE are estimated based on Atlantic Financial Services's experience with mortgage loans, but costs often change a little bit between delivery of the Good Faith Estimate (GFE) and closing. We answer buyers' questions about these costs every day at Atlantic Financial Services, so don't hesitate to ask if you have questions.
We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, very soon after you have completed your application. At Atlantic Financial Services, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Costs related to "originating" your loan
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Fee
- Pulling Your Credit Report
- Up-front Interest Payment
- Escrow Account
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
Atlantic Financial Services can help you understand closing costs. Call us: (732) 969-9300.