All residential real estate sales involves fixed costs. Buyers and sellers almost always split these costs, as specified in the real estate sales contract.
As indicated below, many of the buyer's closing costs cover the costs of originating the mortgage loan. At First Southeast Mortgage Corporation, we have extensive experience in mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the LE are estimated based on our experience with mortgage loans, but costs often vary by small amounts between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that sometimes change slightly at the closing table.
Below is a fairly general list of closing costs. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Appraisal Fee Credit Report Interest Payment Escrow Fees Various TaxesLoan-related costs Points — lower your mortgage interest rate (optional)
Recording Fees & Transfer Taxes Insurance
Title Insurance Flood / Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI)
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