"Closing Costs" are the fees which pay for the various services involved when you sell or buy a home. Buyers and sellers usually negotiate to decide how to share these closing costs.
Many of the closing costs associated with buying residential real estate are associated with getting a loan. At Foxfield Financial, we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Good Faith Estimate".
Soon after you apply for a loan, we will give you a "Good Faith Estimate" of your closing costs. The closing costs specified in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs often vary by small amounts between the Good Faith Estimate (GFE) and closing. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that can vary a little bit at closing.
We've provided a general list of closing costs below, but we will provide 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 Escrow Account TaxesCosts associated with "originating" your loan Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Fee Obtaining Your Credit Report Up-front Interest Payment Property Taxes Insurance Transfer Taxes & Recording Fees Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood / Quake Insurance
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