Closing Costs for Residential Real Estate Transactions

"Closing Costs" are the fees that cover various services involved in the sale of residential real estate. Sellers & buyers negotiate to determine who will pay different portions of these costs.

As the list below indicates, many of the costs result from getting your loan. Since Firelight Mortgage Consultants is highly experienced with closings & mortgages, we often explain the details of closing costs.

Good Faith Estimates (GFEs)

Buyers will get a "Good Faith Estimate" of closing costs at 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 often vary a little bit between delivery of the Good Faith Estimate (GFE) and closing. We go over GFEs with buyers every day, so we'd be glad to answer your questions about closing costs.

Below is a general 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-Related Costs
  • Various Taxes
  • Costs related to "originating" your loan
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Costs
  • Obtaining Your Credit Report
  • Up-front Interest Payment
  • Escrow Account
Property Taxes
  • Recording Fees and Transfer Taxes
  • Insurance
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Quake Insurance if applicable

Firelight Mortgage Consultants can help you understand closing costs. Give us a call: (303) 228-2254.

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