What are Closing Costs?

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

Many of the closing costs associated with buying residential real estate are associated with getting a mortgage. Since Foxfield Financial has extensive experience with closings & mortgages, we are closing cost experts.

Loan Estimates (LEs)

Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the LE are estimated based on Foxfield Financial's experience with mortgage loans, but costs often vary by small amounts between the Loan Estimate (LE) and closing. We field buyers' questions about closing costs every day at Foxfield Financial, so don't hesitate to contact us if we can help answer your questions.

We've provided a general list of these costs below, but we will give 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
  • Taxes
  • Loan Origination Fee
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Pulling Your Credit Report
  • Interest Payment
  • Escrow Fees
Property Taxes
  • Recording Fees and Transfer Taxes
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Quake Insurance

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

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