"Closing Costs" are the fees which cover various services involved in the sale of a home. Sellers & buyers usually negotiate to determine who will pay different portions of these costs.
As indicated below, many of the costs result from getting your mortgage. 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 "Loan Estimate".
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. This cost estimate comes out of the loan officer's past experience. Please note that while our LEs are very accurate, we cannot always estimate your closing costs to the penny. We review LEs with buyers every day, so we'd be glad to answer your questions about closing costs.
Below you'll find a fairly generic list of closing costs. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Appraisal Costs Credit Report Interest Payment Escrow Fees TaxesLoan Origination Fee Points — A fee paid to lower your mortgage interest rate (optional)
InsuranceRecording Fees & Transfer Taxes
Private Mortgage Insurance (PMI) Title Insurance Flood / Quake Insurance
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