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How do Closing Costs Work?

"Closing Costs" are the fees which pay for the various services involved when you sell or buy a house. Buyers and sellers usually negotiate to decide how to share these costs.

As you'll see below, many of the buyer's closing costs cover the costs of originating the loan. Since One Source Lending 303-220-7500 has extensive experience with mortgages and closings, we are closing cost experts.

Good Faith Estimates (GFEs)

Buyers will get a "Good Faith Estimate" of closing costs around the time the loan application is submitted to the lender. We base this cost estimate on our extensive past experience. It's important to note that while our GFEs are very accurate, we can't always estimate costs to the penny. We review Good Faith Estimates with buyers almost every day, so we'd be glad to answer your questions about closing costs.

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

Standard Closing Costs

Loan-Related Costs
  • Escrow Account
  • Taxes
  • Costs related to "originating" your loan
  • Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
  • Appraisal Costs
  • Credit Report
  • Up-front Interest Payment
Property Taxes
  • Insurance
  • Recording Fees and Transfer Taxes
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood or Quake Insurance

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