"Closing Costs" are the fees which cover the various services involved when you sell or buy a home. Sellers & buyers almost always negotiate to determine who will pay different portions of these closing costs.
As indicated below, many of the buyer's closing costs cover the costs of getting the mortgage loan. At First Southeast Mortgage Corporation, we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Loan Estimate".
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. This cost estimate comes out of our past experience. Please note that while our LEs are very accurate, we cannot always predict closing costs to the penny. We review LEs with buyers every day, so we'd be glad to answer your questions about closing costs.
We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, soon after you have completed your loan application. At First Southeast Mortgage Corporation, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Appraisal Costs Credit Report Interest Payment Escrow Fees Various TaxesLoan-related costs Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
Transfer Taxes & Recording Fees Insurance
Flood / Quake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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