What are Closing Costs?

"Closing Costs" are the fees that pay for various services involved when you sell or buy residential real estate. Sellers & buyers usually negotiate the payment of these costs.

As indicated below, many of the costs result from getting your loan. Since Saltwater Funding, Inc. has extensive experience with mortgages & closings, we can help you understand your closing costs.

Good Faith Estimates (GFEs)

Soon after you submit your application, we'll give you the "Good Faith Estimate" of your closing costs. This closing cost estimate comes out of our past experience. Please note that while our GFEs are very precise, we cannot always estimate your closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that sometimes change slightly at closing.

We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, very soon after you complete your application. At Saltwater Funding, Inc., 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
  • Loan Origination Fee
  • Points — lower your interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Interest Payment
  • Escrow Account
  • Various Taxes
Property Taxes
  • Insurance
  • Recording Fees & Transfer Taxes
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Earthquake Insurance if applicable

At Saltwater Funding, Inc., we answer questions about closing costs every day. Give us a call at 386-246-6322.

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