"Closing Costs" are the fees which cover the various services involved when you sell or buy a house. Sellers & buyers usually negotiate these costs.
Many of the costs associated with buying residential real estate are associated with getting a mortgage loan. Since Colorado Mortgage Company is highly experienced with mortgages and closings, we often explain the details of closing costs.
Soon after you apply for a loan, we'll provide you with the "Good Faith Estimate" of your costs. 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 the Good Faith Estimate (GFE) and closing. We review GFEs with buyers almost every day, so we'd be glad to answer the you have about closing costs.
Below is a fairly generic list of closing costs. We will always provide you with a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
Appraisal Fee Credit Report Up-front Interest Payment Escrow Account Various TaxesLoan-related costs Points — A fee paid to lower your mortgage interest rate (optional)
Insurance Transfer Taxes and Recording Fees
Title Insurance Flood / Earthquake Insurance Private Mortgage Insurance (PMI)
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