What are Closing Costs?

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"Closing Costs" are the fees that cover various services involved in the sale of a house. Sellers and buyers almost always negotiate the payment of these costs.

As you'll see below, many of the buyer's costs are related to the costs of originating the loan. At Gateway Mortgage Denver, we are highly experienced in mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Good Faith Estimate".

Good Faith Estimates (GFEs)

Buyers get a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the GFE are estimated based on our experience with mortgage loans, but costs usually vary a little bit between delivery of the Good Faith Estimate (GFE) and closing. We handle buyers' questions about closing costs every day at Gateway Mortgage Denver, so don't hesitate to ask if we can help answer your questions.

We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At Gateway Mortgage Denver, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs

• Loan Origination Fee
• Points — These are costs you pay up-front to lower your interest rate (optional)
• Appraisal Costs
• Credit Report
• Interest Payment
• Escrow Fees
• Various Taxes

Property Taxes

• Transfer Taxes & Recording Fees
• Insurance

Homeowners Insurance

• Private Mortgage Insurance (PMI)
• Title Insurance
• Flood / Quake Insurance

Gateway Mortgage Denver can help you understand closing costs. Call us at 720-440-9741.