What are Closing Costs?

"Closing Costs" are the fees which cover various services involved when you sell or buy a house. Sellers and buyers usually negotiate to determine who will pay different portions of these closing costs.

As indicated below, many of the buyer's closing costs cover the costs of originating the loan. At MidTowne Mortgage, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Good Faith Estimate".

Good Faith Estimates (GFEs)

Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. We base this closing cost estimate on our many years of past experience. Please note that while our GFEs are very accurate, we cannot always estimate your costs to the penny. We answer questions about these costs every day at MidTowne Mortgage, so please feel free to contact us if you have questions.

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

Standard Closing Costs

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

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

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