What are Closing Costs?
Certain standard costs are related to closing the sale of a house. Sellers and buyers usually split these costs, as the sales contract specifies.
As indicated below, many of the buyer's closing costs are related to the costs of getting the loan. At One Source Lending 303-220-7500, we are highly experienced in residential mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Good Faith Estimate".
Good Faith Estimates (GFEs)
Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the GFE are estimated based on our experience with mortgage loans, but costs usually vary by small amounts between delivery of the Good Faith Estimate (GFE) and closing. We explain GFEs with buyers almost every day, so we will be happy to answer your questions about closing costs.
Below is a generic list of closing costs. We will provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
- Loan Origination Fee
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Escrow Fees
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood / Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
One Source Lending 303-220-7500 can answer questions about these closing costs. Call us at 303-220-7500.