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How do Closing Costs Work?

Certain standard costs are related to closing the sale of a home. Sellers and buyers usually split these closing costs, as the sales contract specifies.

As the list below indicates, many of the closing costs result from getting your mortgage loan. Since One Source Lending 303-220-7500 has extensive experience with mortgages & closings, we are closing cost experts.

Good Faith Estimates (GFEs)

Soon after you apply for a loan, we will give you the "Good Faith Estimate" of your costs. The closing costs specified in the Good Faith Estimate are estimated based on One Source Lending 303-220-7500's experience with mortgage loans, but costs usually change by small amounts between the Good Faith Estimate (GFE) and closing. We will be glad to review the "Good Faith Estimate," answering your questions and highlighting costs that can vary a little bit at closing.

Below is a fairly general list of costs for buying a home. We will provide a specific list of your closing costs when we give you a Good Faith Estimate.

Standard Closing Costs

Loan-Related Costs
  • Points — These are costs you pay up-front to lower your interest rate (optional)
  • Appraisal Costs
  • Getting Your Credit Report
  • Up-front Interest Payment
  • Escrow Account
  • Various Taxes
  • Loan Origination Fee
Property Taxes
  • Insurance
  • Transfer Taxes & Recording Fees
Homeowners Insurance
  • Title Insurance
  • Flood or Quake Insurance
  • Private Mortgage Insurance (PMI)

At One Source Lending 303-220-7500, we answer questions about closing costs every day. Give us a call at 303-220-7500.