How do Closing Costs Work?

"Closing Costs" are the fees that cover various services involved when you sell or buy a home. Sellers & buyers usually negotiate the payment of these closing costs.

Many of the closing costs associated with buying a home are associated with getting a mortgage loan. At MidTowne Mortgage, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Good Faith Estimate".

Good Faith Estimate (GFE)

Soon after you apply for a loan, we will provide you with the "Good Faith Estimate" of your closing costs. The closing costs enumerated in the GFE are estimated based on our experience with mortgage loans, but costs usually change a little bit between delivery of the GFE and closing. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that sometimes change slightly at closing.

We've provided a general list of closing costs below, but we'll provide you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At MidTowne Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.

Standard Closing Costs

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

MidTowne Mortgage can answer questions about these closing costs. Give us a call: (478) 746-2063.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question