What are Closing Costs?

Every home sale incurs fixed costs. Sellers and buyers customarily share these closing costs, as specified in the real estate sales contract.

Many of the closing costs associated with buying a house are associated with getting the mortgage loan. At Foxfield Financial, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Loan Estimate".

Loan Estimates (LEs)

Buyers will receive a "Loan Estimate" of closing costs around 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 accurate, we can't always estimate costs to the penny. We field questions about closing costs every day at Foxfield Financial, so please feel free to ask if you have questions.

We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, very soon after you have completed your loan 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

Loan-Related Costs
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Costs
  • Credit Report
  • Up-front Interest Payment
  • Escrow Account
  • Taxes
  • Loan Origination Fee
Property Taxes
  • Recording Fees & Transfer Taxes
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood or Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)

At Foxfield Financial, we answer questions about closing costs every day. Give us a call at 720-598-8300.

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