How do Closing Costs Work?

"Closing Costs" are the fees that cover various services involved when you sell or buy a home. Buyers & sellers usually negotiate to determine who will pay different portions of these costs.

As indicated below, many of the buyer's closing costs cover the costs of originating the loan. Since Foxfield Financial is highly experienced with closings and mortgages, we are closing cost experts.

Loan Estimates (LEs)

Very soon after you apply for a loan, we'll provide you with a "Loan Estimate" of your closing costs. The closing costs spelled out in the LE are estimated based on our experience with mortgage loans, but costs often vary by small amounts between the Loan Estimate (LE) and closing. We explain Loan Estimates with buyers every day, so we are happy to answer your questions about closing costs.

Below is a fairly generic list of closing costs. We will always provide a specific list of your closing costs when we provide your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Various Taxes
  • Loan Origination Fee
  • Points — lower your interest rate (optional)
  • Appraisal Fee
  • Getting Your Credit Report
  • Interest Payment
  • Escrow Account
Property Taxes
  • Recording Fees & Transfer Taxes
  • Insurance
Homeowners Insurance
  • Flood / Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

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

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