"Closing Costs" are the fees which pay for the various services involved in the sale of a house. Buyers and sellers negotiate these closing costs.
Many of the costs associated with buying residential real estate are associated with getting the mortgage. Since Foxfield Financial has extensive experience with mortgages & closings, we often explain the details of closing costs.
Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing cost estimate comes out of the loan officer's past experience. It's important to note that while our GFEs are very accurate, we cannot always estimate your closing costs to the penny. We handle questions about these costs every day at Foxfield Financial, so please feel free to contact us if we can help answer your questions.
Below is a fairly general list of closing costs. We will always provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
Appraisal Costs Pulling Your Credit Report Up-front Interest Payment Escrow Account Various TaxesLoan Origination Fee Points — These are costs you pay up-front to lower your interest rate (optional)
Recording Fees and Transfer Taxes Insurance
Private Mortgage Insurance (PMI) Title Insurance Flood or Quake Insurance
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