Closing Costs for Home Real Estate Transactions
All residential real estate transactions incurs certain costs. Buyers and sellers customarily split these costs, as specified in the real estate sales contract.
As the list below indicates, many of the costs result from getting your mortgage loan. At Foxfield Financial, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of costs related to your mortgage in your "Good Faith Estimate".
Good Faith Estimate (GFE)
Very shortly after you apply for a loan, we'll provide you with a "Good Faith Estimate" of your costs. The closing costs specified in the Good Faith Estimate are estimated based on Foxfield Financial's experience with mortgage loans, but costs often change a little bit between the Good Faith Estimate (GFE) and closing. We answer questions about closing 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'll provide you a specific list of closing costs, with amounts, very soon after you have completed your application. At Foxfield Financial, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Interest Payment
- Escrow Account
- Various Taxes
- Loan-related costs
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Getting YourCredit Report
- Recording Fees and Transfer Taxes
- Private Mortgage Insurance (PMI)
- Title Insurance
- Flood or Earthquake Insurance
At Foxfield Financial, we answer questions about closing costs every day. Give us a call at 720-598-8300.