There are certain standard costs related to closing the sale of a house. Sellers and buyers customarily split these closing costs, as specified in the real estate sales contract.
As you'll see below, many of the buyer's closing costs cover the costs of getting the loan. Since Foxfield Financial is highly experienced with mortgages and closings, we often explain the details of closing costs.
Very soon after you submit your application, we'll give you a "Loan Estimate" of your costs. This closing cost estimate is based on the loan officer's past experience. Please note that while our LEs are very precise, we cannot always predict your closing costs to the penny. We answer questions about these costs every day at Foxfield Financial, so please be sure to ask if you have questions.
Below is a general list of costs for buying a home. We will always provide you with a specific list of your closing costs when we provide your Loan Estimate.
Standard Closing Costs Loan-Related Costs Loan Origination Fee Points — lower your mortgage interest rate (optional) Appraisal Costs Obtaining Your Credit Report Up-front Interest Payment Escrow Account Taxes Property Taxes InsuranceRecording Fees & Transfer Taxes Homeowners Insurance Private Mortgage Insurance (PMI) Title Insurance Flood or Quake Insurance if applicable
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