How do Closing Costs Work?

Every home sale involves certain fixed costs. Sellers and buyers customarily split these closing costs, as specified in the sales contract.

As indicated below, many of the costs result from getting your loan. Since Foxfield Financial is highly experienced with mortgages & closings, we are closing cost experts.

Loan Estimates (LEs)

Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this cost estimate on our extensive past experience. Please note that while our LEs are very accurate, we cannot always estimate your costs to the penny. We handle questions about these costs every day at Foxfield Financial, so please feel free to ask if we can help answer your questions.

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
  • Interest Payment
  • Escrow Account
  • Various Taxes
  • Loan Origination Fee
  • Points — lower your interest rate (optional)
  • Appraisal Costs
  • Credit Report
Property Taxes
  • Recording Fees and Transfer Taxes
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood or Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)

Foxfield Financial can answer questions about these closing costs. Give us a call: 720-598-8300.

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