All residential real estate transactions involves certain costs. Buyers and sellers almost always share these costs, as the sales contract specifies.
Many of the costs associated with buying a home are associated with getting a mortgage loan. Since First Southeast Mortgage Corporation is highly experienced with closings & mortgages, we often explain the details of closing costs.
Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The cost estimate comes out of our past experience. Please note that while our GFEs are very precise, we can't always estimate costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that sometimes change slightly at closing.
Below is a fairly generic list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we give you a Good Faith Estimate.
Standard Closing Costs
Up-front Interest Payment Escrow Fees Various TaxesLoan Origination Fee Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Fee Credit Report
InsuranceRecording Fees & Transfer Taxes
Private Mortgage Insurance (PMI) Title Insurance Flood or Quake Insurance if applicable
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