There are certain standard costs associated with closing the sale of a house. Buyers and sellers usually split these costs, as specified in the sales contract.
As you'll see below, many of the closing costs result from getting your mortgage. At Foxfield Financial, we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on mortgage-related costs in your "Loan Estimate".
Soon after you apply for a loan, we'll provide you with a "Loan Estimate" of your costs. We base this closing cost estimate on our many years of past experience. Please note that while our LEs are very accurate, we cannot always estimate closing costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that sometimes vary a little bit at the closing table.
Below you'll find a fairly general list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs Loan-Related Costs Credit Report Up-front Interest Payment Escrow Account TaxesCosts associated with "originating" your loan Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Fee Property Taxes InsuranceRecording Fees and Transfer Taxes Homeowners Insurance Title Insurance Flood / Earthquake Insurance Private Mortgage Insurance (PMI)
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