About Closing Costs

"Closing Costs" are the fees which pay for various services involved in the sale of a house. Sellers and buyers almost always negotiate to decide how to share these costs.

As indicated below, many of the buyer's closing costs cover the costs of originating the loan. Since Atlantic Financial Services is highly experienced with closings and mortgages, we often explain the details of closing costs.

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 closing costs specified in the GFE are estimated based on our experience with mortgage loans, but costs usually change by small amounts between delivery of the Good Faith Estimate (GFE) and closing. We will be glad to review the "Good Faith Estimate," answering your questions and highlighting costs that sometimes vary a little bit at closing.

We've provided a general list of closing costs below, but we'll provide 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'll be sure to let you know immediately.

Standard Closing Costs

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

At Atlantic Financial Services, we answer questions about closing costs every day. Give us a call: (732) 969-9300.

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