"Closing Costs" are the fees which cover various services involved in the sale of a house. Buyers & sellers usually negotiate the payment of these closing costs.
Many of the costs associated with buying residential real estate are associated with getting the mortgage. Since First Southeast Mortgage Corporation has extensive experience with closings and mortgages, we can help you understand your closing costs.
Buyers will get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. This closing cost estimate comes out of the loan officer's past experience. Please note that while our GFEs are very precise, we cannot always predict closing costs to the penny. We go over Good Faith Estimates with buyers almost every day, so we'd be glad to answer your questions about closing costs.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you complete your application. At First Southeast Mortgage Corporation, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
Escrow Account Various TaxesLoan Origination Fee Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Costs Getting Your Credit Report Up-front Interest Payment
Transfer Taxes & Recording Fees Insurance
Flood or Quake Insurance Private Mortgage Insurance (PMI) Title Insurance
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