Certain standard costs are associated with closing the sale of a house. Buyers and sellers almost always split these closing costs, as specified in the sales contract.
Many of the costs associated with buying a home are associated with getting a mortgage. At First Southeast Mortgage Corporation, we have extensive experience in mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Good Faith Estimate".
Very shortly after you apply for a loan, we'll give you the "Good Faith Estimate" of your costs. We base this closing cost estimate on our extensive past experience. It's important to note that while our GFEs are very precise, we can't always estimate your closing costs to the penny. We field questions about closing costs every day at First Southeast Mortgage Corporation, so don't hesitate to ask if you have questions.
Below is a general list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we give you a Good Faith Estimate.
Standard Closing Costs
Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Credit Report Interest Payment Escrow Account Various TaxesLoan Origination Fee
Transfer Taxes & Recording Fees Insurance
Flood or Quake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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