Don't Forget Closing Costs

"Closing Costs" are the fees that pay for the various services involved when you sell or buy a home. Buyers & sellers usually negotiate to decide how to split these costs.

As indicated below, many of the closing costs result from getting your mortgage loan. At Atlantic Financial Services, we have extensive experience in mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Good Faith Estimate".

The Good Faith Estimate (GFE)

Buyers will get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the GFE are estimated based on Atlantic Financial Services's experience with mortgage loans, but costs usually change a little bit between delivery of the Good Faith Estimate (GFE) and closing. We handle buyers' questions about these costs every day at Atlantic Financial Services, so please be sure to ask if you have 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 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
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Up-front Interest Payment
  • Escrow Account
  • Various Taxes
  • Costs related to "originating" your loan
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Flood / Quake Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance

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

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