About Closing Costs

Certain standard costs are associated with closing the sale of a house. Buyers usually pay these costs, as specified in the sales contract, however, depending on State law the seller will have to cover some of the closing costs. "Closing Costs" are the fees which cover various services involved in the sale of a home. These fees can be paid directly or indirectly by increasing the loan amount or charging a higher interest rate.

As the list below indicates, many of the costs result from getting your mortgage. Since SeaCoast Mortgage is highly experienced with mortgages and closings, we are closing cost experts.

Obtaining The Loan Estimate

Buyers will get a Loan Estimate by three days from when the loan application is submitted to the lender. The Loan Estimate provides you with information like estimated interest rates, payments and fees, closing costs and more. Getting an estimate doesn't mean you've been approved, but it's the first step toward getting your loan.

We go over estimates with buyers almost every day, so we will be happy to answer your questions about closing costs.

Below is a fairly generic list of closing costs. We will provide a specific list of your closing costs when we provide your estimate.

Standard Closing Costs

• Costs related to "originating" your loan
• Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
• Appraisal Costs
• Obtaining Your Credit Report
• Up-front Interest Payment
• Escrow Account

• Transfer Taxes & Recording Fees
• Insurance

• Title Insurance
• Flood or Earthquake Insurance
• Private Mortgage Insurance (PMI)