Certain standard costs are related to closing the sale of a home. Buyers and sellers usually share these costs, as the sales contract specifies.
As the list below indicates, many of the closing costs result from getting your mortgage loan. Since Colorado Mortgage Company has extensive experience with mortgages and closings, we often explain the details of closing costs.
Buyers will get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. We base this cost estimate on our many years of past experience. It's important to note that while our GFEs are very precise, we cannot always estimate closing costs to the penny. We explain Good Faith Estimates with buyers almost every day, so we'd be glad to answer the you have about closing costs.
Below is a fairly general list of costs for buying a home. We will provide a specific list of your closing costs when we deliver your Good Faith Estimate.
Standard Closing Costs
TaxesLoan Origination Fee Points — A fee paid to lower your interest rate (optional) Appraisal Costs Getting Your Credit Report Interest Payment Escrow Account
InsuranceRecording Fees and Transfer Taxes
Title Insurance Flood or Quake Insurance if applicablePrivate Mortgage Insurance (PMI)
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