How do Closing Costs Work?
All residential real estate sales incurs fixed costs. Sellers and buyers usually split these costs, as specified in the real estate sales contract.
As indicated below, many of the buyer's costs are related to the costs of getting the loan. Since Cal Coast Financial Corp is highly experienced with closings & 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 around the time the loan application is submitted to the lender. The closing costs enumerated in the Good Faith Estimate are estimated based on Cal Coast Financial Corp's experience with mortgage loans, but costs often vary by small amounts between delivery of the Good Faith Estimate (GFE) and closing. We answer questions about these costs every day at Cal Coast Financial Corp, so don't hesitate to contact us if we can help answer your questions.
Below is a fairly generic list of closing costs. We will provide you with a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Various Taxes
- Costs associated with "originating" your loan
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Transfer Taxes & Recording Fees
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
Cal Coast Financial Corp can help you understand closing costs. Give us a call at (510) 683-9850.
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