What are Closing Costs?

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

As the list below indicates, many of the closing costs result from getting your mortgage. At South County Mortgage, we have extensive experience in mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Good Faith Estimate".

Good Faith Estimate (GFE)

Soon after you submit your application, we'll provide you with a "Good Faith Estimate" of your costs. The closing costs spelled out in the Good Faith Estimate are estimated based on South County Mortgage's experience with mortgage loans, but costs often vary by small amounts between delivery of the GFE and closing. We handle buyers' questions about these costs every day at South County Mortgage, so please feel free to contact us if you have questions.

Below you'll find a generic list of closing costs. We will provide you with a specific list of your closing costs when we provide your Good Faith Estimate.

Standard Closing Costs

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

South County Mortgage can help you understand closing costs. Call us: (401) 583-4150.

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