How do Closing Costs Work?

"Closing Costs" are the fees which pay for the various services involved when you sell or buy a home. Buyers and sellers usually negotiate to decide how to share these closing costs.

Many of the closing costs associated with buying residential real estate are associated with getting a loan. At Foxfield Financial, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Good Faith Estimate".

Good Faith Estimates (GFEs)

Soon after you apply for a loan, we will give you a "Good Faith Estimate" of your closing costs. The closing costs specified in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs often vary by small amounts between the Good Faith Estimate (GFE) and closing. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that can vary a little bit at closing.

We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, soon after you complete your loan application. At Foxfield Financial, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs
  • Escrow Account
  • Taxes
  • Costs associated with "originating" your loan
  • Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Obtaining Your Credit Report
  • Up-front Interest Payment
Property Taxes
  • Insurance
  • Transfer Taxes & Recording Fees
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Quake Insurance

At Foxfield Financial, we answer questions about closing costs every day. Give us a call at 720-598-8300.

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