How do Closing Costs Work?

"Closing Costs" are the fees that pay for various services involved in the sale of a house. Buyers and sellers often negotiate to decide how to split these costs.

As the list below indicates, many of the closing costs result from getting your mortgage. At Augusta Mortgage Solutions, we are highly experienced in mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".

The Good Faith Estimate (GFE)

Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. This cost estimate comes out of our past experience. Please note that while our GFEs are very precise, we can't always predict your 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.

We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At Augusta Mortgage Solutions, 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
  • Credit Report
  • Interest Payment
  • Escrow Account
  • Various Taxes
  • Costs related to "originating" your loan
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Costs
Property Taxes
  • Insurance
  • Transfer Taxes and Recording Fees
Homeowners Insurance
  • Title Insurance
  • Flood or Earthquake Insurance
  • Private Mortgage Insurance (PMI)

At Augusta Mortgage Solutions, we answer questions about closing costs every day. Give us a call at 706-860-5514.

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