Closing Costs for Home Real Estate Transactions

There are certain standard costs related to closing the sale of a home. Sellers and buyers customarily split these costs, as specified in the sales contract.

As indicated below, many of the buyer's closing costs are related to the costs of getting the loan. Since Firelight Mortgage Consultants is highly experienced with closings & mortgages, we often explain the details of closing costs.

Good Faith Estimates (GFEs)

Buyers get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs spelled out in the Good Faith Estimate are estimated based on our experience with mortgage loans, but costs usually vary by small amounts between the GFE and closing. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that can vary a little bit at closing.

We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, soon after you have completed your application. At Firelight Mortgage Consultants, 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
  • Various Taxes
  • Costs associated with "originating" your loan
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Costs
  • Credit Report
  • Up-front Interest Payment
  • Escrow Account
Property Taxes
  • Insurance
  • Recording Fees & Transfer Taxes
Homeowners Insurance
  • Flood / Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

Firelight Mortgage Consultants can answer questions about these closing costs. Give us a call: (720) 550-4235.

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