Closing Costs for Residential Real Estate Transactions

"Closing Costs" are the fees that cover various services involved in the sale of residential real estate. Buyers & sellers usually negotiate to determine who will pay different portions of these closing costs.

As indicated below, many of the buyer's costs cover the costs of originating the loan. Since Foxfield Financial has extensive experience with mortgages & closings, we can help you understand your closing costs.

Good Faith Estimates (GFEs)

Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs spelled out in the Good Faith Estimate are estimated based on Foxfield Financial's experience with mortgage loans, but costs usually change by small amounts between the Good Faith Estimate (GFE) and closing. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that can vary a little bit at the closing table.

Below is a fairly generic list of closing costs. We will provide you with a specific list of your closing costs when we deliver your Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Taxes
  • Loan Origination Fee
  • Points — These are costs you pay up-front to lower your interest rate (optional)
  • Appraisal Costs
  • Pulling Your Credit Report
  • Interest Payment
  • Escrow Fees
Property Taxes
  • Recording Fees & Transfer Taxes
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood or Earthquake Insurance
  • Private Mortgage Insurance (PMI)

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

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