Closing Costs for Residential Real Estate Transactions

Certain standard costs are related to closing the sale of a home. Buyers and sellers usually share these closing costs, as specified in the real estate sales contract.

Many of the costs associated with buying residential real estate are associated with getting a mortgage loan. Since Foxfield Financial is highly experienced with closings and mortgages, we are closing cost experts.

Loan Estimate (Also known as the LE)

Buyers get a "Loan 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 LEs are very accurate, we can't always estimate your closing costs to the penny. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that can vary a little bit at the closing table.

Below is a fairly generic list of closing costs. We will always provide a specific list of your closing costs when we provide your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Appraisal Costs
  • Credit Report
  • Interest Payment
  • Escrow Account
  • Various Taxes
  • Costs related to "originating" your loan
  • Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
Property Taxes
  • Recording Fees and Transfer Taxes
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood or Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)

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

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