"Closing Costs" are the fees that pay for various services involved in the sale of a home. Sellers and buyers negotiate to decide how to split these closing costs.
Many of the costs associated with buying a house are associated with getting a mortgage. Since Foxfield Financial is highly experienced with closings & mortgages, we can help you understand your closing costs.
Soon after you apply for a loan, we will give you a "Loan Estimate" of your costs. The closing cost estimate is based on the loan officer's past experience. It's important to note that while our LEs are very accurate, we can't always estimate closing costs to the penny. We go over LEs with buyers almost every day, so we will be happy to answer any questions you have about closing costs.
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 complete your 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 Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Fee Credit Report Interest Payment Escrow Fees TaxesLoan Origination Fee Property Taxes Insurance Transfer Taxes and Recording Fees Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood or Earthquake Insurance if applicable
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