About Closing Costs

All residential real estate sales incurs costs. Buyers and sellers customarily split these costs, as the real estate sales contract specifies.

As you'll see below, many of the buyer's costs cover the costs of originating the mortgage loan. At Atlantic Financial Services, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Good Faith Estimate".

Good Faith Estimates (GFEs)

Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs specified in the Good Faith Estimate are estimated based on Atlantic Financial Services's experience with mortgage loans, but costs often change by small amounts between delivery of the GFE and closing. We explain GFEs with buyers every day, so we are happy to answer your questions about closing costs.

Below is a fairly generic list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we provide your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Taxes
  • Loan Origination Fee
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Getting Your Credit Report
  • Interest Payment
  • Escrow Fees
Property Taxes
  • Insurance
  • Recording Fees and Transfer Taxes
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Quake Insurance

Atlantic Financial Services can help you understand closing costs. Give us a call at (732) 969-9300.

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