How do Closing Costs Work?

There are certain standard costs related to closing the sale of a home. Buyers and sellers usually share these costs, as specified in the sales contract.

As indicated below, many of the buyer's costs cover the costs of getting the mortgage loan. Since Augusta Mortgage Solutions has extensive experience with mortgages and closings, we often explain the details of closing costs.

Good Faith Estimates (GFEs)

Soon after you apply for a loan, we'll provide you with the "Good Faith Estimate" of your costs. The closing costs specified in the Good Faith Estimate are estimated based on Augusta Mortgage Solutions's experience with mortgage loans, but costs usually vary by small amounts between the GFE and closing. We field questions about these costs every day at Augusta Mortgage Solutions, so please be sure to contact us if you have questions.

Below is a fairly general list of costs for buying a home. We will always provide a specific list of your closing costs when we deliver your Good Faith Estimate.

Standard Closing Costs

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

Augusta Mortgage Solutions can help you understand closing costs. Give us a call at 706-860-5514.

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