About Closing Costs

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"Closing Costs" are the fees which cover various services involved when you sell or buy a home. Buyers and sellers negotiate to decide how to split these costs.

As the list below indicates, many of the costs result from getting your mortgage loan. At TENNESSEE HOME MORTGAGE, INC, we have extensive experience in mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Good Faith Estimate".

Good Faith Estimates (GFEs)

Very shortly after you apply for a loan, we will give you the "Good Faith Estimate" of your costs. The closing costs spelled out in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs often change a little bit between delivery of the GFE and closing. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that can change slightly at the closing table.

We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you complete your application. At TENNESSEE HOME MORTGAGE, INC, 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

• Escrow Account
• Various Taxes
• Loan-related costs
• Points — A fee paid to lower your interest rate (optional)
• Appraisal Fee
• Getting Your Credit Report
• Interest Payment

Property Taxes

• Insurance
• Transfer Taxes & Recording Fees

Homeowners Insurance

• Flood or Earthquake Insurance
• Private Mortgage Insurance (PMI)
• Title Insurance

TENNESSEE HOME MORTGAGE, INC can help you understand closing costs. Call us at 865-984-5350.