Certain standard costs are associated with closing the sale of a house. Sellers and buyers usually split these costs, as the real estate sales contract specifies.
As indicated below, many of the buyer's costs cover the costs of getting the mortgage loan. Since First Southeast Mortgage Corporation has extensive experience with mortgages & closings, we often explain the details of closing costs.
Soon after you apply for a loan, we'll give you a "Good Faith Estimate" of your costs. The closing costs enumerated in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs often change a little bit between the GFE and closing. We review GFEs with buyers almost every day, so we are happy 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, very soon after you have completed your 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
Credit Report Up-front Interest Payment Escrow Fees TaxesCosts associated with "originating" your loan Points — A fee paid to lower your interest rate (optional) Appraisal Costs
Transfer Taxes and Recording Fees Insurance
Title Insurance Flood or Earthquake Insurance Private Mortgage Insurance (PMI)
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