About Closing Costs

Every home sale involves costs. Buyers customarily incur these closing costs, as specified in the sales contract, however, depending on the contract the seller will have to cover a portion of the closing costs. "Closing Costs" are the fees which pay for various services involved when you sell or buy a home. These fees might be paid directly or indirectly by crediting the loan.

As you'll see below, many of the closing costs result from getting your loan. Since Ocean Mortgage has extensive experience with mortgages & closings, we can help you understand your closing costs.

Obtaining The Loan Estimate

Within three days after you submit your application, we'll give you a Loan Estimate. The Loan Estimate lays out information like insurance and taxes, closing costs, monthly payments and more. Getting an estimate doesn't mean you've been approved, but it's the first step toward getting your loan.

We will be glad to review the estimate, answering your questions and highlighting costs that can change slightly at closing.

Below you'll find a fairly general list of closing costs. We will provide a specific list of your closing costs when we deliver your estimate.

Standard Closing Costs

• Interest Payment
• Escrow Fees
• Loan Origination Fee
• Points — A fee paid to lower your mortgage interest rate (optional)
• Appraisal Costs
• Getting YourCredit Report

• Transfer Taxes & Recording Fees
• Insurance

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