What are Closing Costs?

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".

Good Faith Estimates (GFEs)

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

Loan-Related Costs
  • Interest Payment
  • Escrow Fees
  • Various Taxes
  • Costs related to "originating" your loan
  • Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Credit Report
Property Taxes
  • Insurance
  • Recording Fees and Transfer Taxes
Homeowners Insurance
  • Title Insurance
  • Flood / Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)

First Southeast Mortgage Corporation can answer questions about these closing costs. Give us a call at 954.920.9799.

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