All residential real estate sales involves certain costs. Sellers and buyers usually share these closing costs, as specified in the sales contract.
As you'll see below, many of the buyer's closing costs are related to the costs of originating the loan. At First Southeast Mortgage Corporation, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Good Faith Estimate".
Very soon after you submit your application, we'll provide you with the "Good Faith Estimate" of your closing costs. This closing cost estimate is based on the loan officer's 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 will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that can vary a little bit at closing.
Below you'll find a generic list of closing costs. We will provide you with a specific list of your closing costs when we provide your Good Faith Estimate.
Standard Closing Costs
Interest Payment Escrow Fees Various TaxesCosts related to "originating" your loan Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Fee Credit Report
InsuranceRecording Fees and Transfer Taxes
Title Insurance Flood / Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI)
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