Don't Forget Closing Costs

Certain standard costs are associated with closing the sale of a house. Buyers and sellers customarily share these closing costs, as the sales contract specifies.

Homebuyers typically pay between 1.5% to 2% of the purchase price of their home in closing costs.   For example – a $500,000 mortgage, estimated closing costs are in between $7,500 to $10,000 in addition to a down payment required.  These closing costs largely be broken down into two categories: Property-related fees and Mortgage related fees. 

Since Pacific Coast Financial, LLC is highly experienced with closings & mortgages, we are closing cost experts.

Loan Estimate (LE)

Per TRID - buyers get a "Loan Estimate" of closing costs within 3 days of completing a loan application. Fees disclosed on the LE must be within a certain tolerance of the final fees of the final Closing Disclosure (CD). Title insurance premiums and originations costs need to cumulatively be within 10% of the value originally disclosed. Transfer taxes and government fees must be 100% accurate.  We base this cost estimate on our extensive past experience. Please note that while our LEs are very accurate, we cannot always estimate closing costs to the penny. We explain Loan Estimates with buyers almost every day, so we'd be glad to answer your questions about closing costs.

We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you complete your application. At Pacific Coast Financial, LLC, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.