Closing Costs for Residential Real Estate Transactions

Every home sale incurs costs. Sellers and buyers usually share these closing costs, as specified in the sales contract.

As you'll see below, many of the closing costs result from getting your mortgage. Since Firelight Mortgage Consultants has extensive experience with closings and mortgages, we are closing cost experts.

The Good Faith Estimate (GFE)

Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. This closing cost estimate is based on the loan officer's past experience. Please note that while our GFEs are very accurate, we cannot always estimate your costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and highlighting costs that sometimes change slightly at the closing table.

Below you'll find a fairly general list of closing costs. We will provide you with a specific list of your closing costs when we give you a Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Appraisal Fee
  • Credit Report
  • Up-front Interest Payment
  • Escrow Fees
  • Taxes
  • Loan-related costs
  • Points — A fee paid to lower your interest rate (optional)
Property Taxes
  • Insurance
  • Transfer Taxes & Recording Fees
Homeowners Insurance
  • Flood or Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

Firelight Mortgage Consultants can help you understand closing costs. Call us at (303) 228-2254.

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