About Closing Costs
"Closing Costs" are the fees that cover the various services involved when you sell or buy a home. Sellers & buyers usually negotiate to decide how to split these closing costs.
As you'll see below, many of the buyer's closing costs are related to the costs of originating the loan. At Atlantic Financial Services, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your "Loan Estimate".
Loan Estimates (LEs)
Very shortly after you submit your application, we'll provide you with the "Loan Estimate" of your closing costs. The cost estimate comes out of the loan officer's past experience. Please note that while our LEs are very precise, we cannot always estimate costs to the penny. We field buyers' questions about these costs every day at Atlantic Financial Services, so don't hesitate to contact us if we can help answer your questions.
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 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
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Loan-related costs
- Points — lower your mortgage interest rate (optional)
- Recording Fees & Transfer Taxes
- Flood or Earthquake Insurance
- 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.