How do Closing Costs Work?

Every home sale involves fixed costs. Sellers and buyers customarily split these closing costs, as specified in the sales contract.

Many of the costs associated with buying a home are associated with getting the loan. At First Southeast Mortgage Corporation, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".

Loan Estimate (Also known as the LE)

Soon after you submit your application, we'll provide you with the "Loan Estimate" of your costs. The closing costs specified in the LE are estimated based on First Southeast Mortgage Corporation's experience with mortgage loans, but costs usually change by small amounts between the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that can change slightly at closing.

Below is a fairly generic list of closing costs. We will always provide a specific list of your closing costs when we give you a Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Interest Payment
  • Escrow Fees
  • Taxes
  • Costs related to "originating" your loan
Property Taxes
  • Insurance
  • Recording Fees & Transfer Taxes
Homeowners Insurance
  • Title Insurance
  • Flood or Earthquake Insurance
  • Private Mortgage Insurance (PMI)

First Southeast Mortgage Corporation can help you understand closing costs. Give us a call: 954.920.9799.

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