How do Closing Costs Work?

"Closing Costs" are the fees that cover various services involved in the sale of a home. Buyers & sellers almost always negotiate to determine who will pay different portions of these costs.

Many of the closing costs associated with buying a home are associated with getting a mortgage. At Foxfield Financial, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your "Loan Estimate".

Loan Estimates (LEs)

Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often change by small amounts between delivery of the Loan Estimate (LE) and closing. We handle buyers' questions about closing costs every day at Foxfield Financial, so please feel free to contact us if we can help answer your questions.

Below you'll find a fairly general list of costs for buying a home. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Credit Report
  • Interest Payment
  • Escrow Account
  • Taxes
  • Loan Origination Fee
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Costs
Property Taxes
  • Insurance
  • Transfer Taxes & Recording Fees
Homeowners Insurance
  • Flood or Earthquake Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance

Foxfield Financial can answer questions about these closing costs. Call us at 720-598-8300.

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