What are Closing Costs?

Certain standard costs are related to closing the sale of a house. Buyers and sellers almost always share these closing costs, as specified in the real estate 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 mortgage lending, so we can provide you with a comprehensive report on mortgage-related costs in your "Loan Estimate".

Loan Estimates (LEs)

Soon after you apply for a loan, we will give you the "Loan Estimate" of your costs. We base this closing cost estimate on our extensive past experience. Please note that while our LEs are very precise, we can't always estimate costs to the penny. We handle questions about these costs every day at First Southeast Mortgage Corporation, so please feel free to contact us if you have questions.

Below you'll find a fairly generic list of costs for buying a home. We will always provide a specific list of your closing costs when we give you a Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Obtaining YourCredit Report
  • Up-front Interest Payment
  • Escrow Account
  • Taxes
  • Loan Origination Fee
  • Points — lower your interest rate (optional)
  • Appraisal Costs
Property Taxes
  • Transfer Taxes and Recording Fees
  • Insurance
Homeowners Insurance
  • Flood or Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

At First Southeast Mortgage Corporation, we answer questions about closing costs every day. Call us: 954.920.9799.

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