"Closing Costs" are the fees which pay for various services involved in the sale of a home. Sellers and buyers almost always negotiate the payment of these closing costs.
Many of the costs associated with buying a home are associated with getting a mortgage loan. At Foxfield Financial, we have extensive experience in mortgage lending, so we can compile a comprehensive report on closing costs related to your mortgage in your "Loan Estimate".
Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this closing cost estimate on our many years of past experience. Please note that while our LEs are very precise, we cannot always predict your closing costs to the penny. We handle buyers' questions about closing costs every day at Foxfield Financial, so please feel free to ask if you have questions.
Below is a general list of costs for buying residential real estate. We will provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs Interest Payment Escrow Fees Various TaxesLoan-related costs Points — lower your mortgage interest rate (optional) Appraisal Costs Credit Report Property Taxes Recording Fees and Transfer Taxes Insurance Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood or Earthquake Insurance
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