About Closing Costs

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.

The Good Faith Estimate (Also know as the GFE)

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

Loan-Related Costs
  • Up-front Interest Payment
  • Escrow Fees
  • Various Taxes
  • Loan Origination Fee
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Credit Report
Property Taxes
  • Insurance
  • Recording Fees & Transfer Taxes
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood or Quake Insurance if applicable

First Southeast Mortgage Corporation can answer questions about these closing costs. Call us: 954.920.9799.

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