What are Closing Costs?

Colorado Lending Team can help you understand closing costs. Give us a call: 303-477-3889.

Every home sale incurs costs. Buyers customarily pay these costs, as the sales contract specifies, however, depending on the contract the seller will have to cover a portion of the closing costs. "Closing Costs" are the fees that pay for the various services involved when you sell or buy a home. These fees might be paid out of pocket or indirectly by increasing the loan amount or charging a higher interest rate.

As you'll see below, many of the buyer's costs are related to the costs of getting the mortgage loan. Since Carrie Bakunas has extensive experience with closings and mortgages, we are closing cost experts.

The Loan Estimate

Within three days after you submit your application, we will give you a Loan Estimate. The Loan Estimate lays out information like insurance and taxes, closing costs, monthly payments and more. Getting an estimate doesn't mean you've been approved, rather it's the first step toward securing your loan.

We will be glad to review the estimate, answering your questions and pointing out costs that can change slightly at the closing table.

Below is a fairly general list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we deliver your estimate.

Standard Closing Costs

Loan-Related Costs
  • Costs associated with "originating" your loan
  • Points — These are costs you pay up-front to lower your interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Up-front Interest Payment
  • Escrow Fees
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood or Quake Insurance
  • Private Mortgage Insurance (PMI)
Searching for a mortgage loan? We'd be thrilled to talk about your mortgage needs! Give us a call at 303-477-3889 Ready to get started? Apply Online Now.

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