What are Closing Costs?

"Closing Costs" are the fees that pay for the various services involved when you sell or buy a home. Sellers & buyers negotiate to determine who will pay different portions of these closing costs.

As indicated below, many of the closing costs result from getting your loan. At Stepping Stone Mortgage, we have extensive experience in mortgage lending, so we can compile a comprehensive report on mortgage-related closing costs in your "Good Faith Estimate".

The Good Faith Estimate (Also know as the GFE)

Very soon after you submit your application, we will provide you with the "Good Faith Estimate" of your closing costs. The closing costs specified in the GFE are estimated based on Stepping Stone Mortgage's experience with mortgage loans, but costs usually vary by small amounts between delivery of the Good Faith Estimate (GFE) and closing. We explain Good Faith Estimates with buyers every day, so we will be happy to answer any questions you have about closing costs.

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

Standard Closing Costs

Loan-Related Costs
  • Credit Report
  • Interest Payment
  • Escrow Account
  • Various Taxes
  • Costs associated with "originating" your loan
  • Points — lower your interest rate (optional)
  • Appraisal Fee
Property Taxes
  • Insurance
  • Transfer Taxes & Recording Fees
Homeowners Insurance
  • Title Insurance
  • Flood / Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)

Stepping Stone Mortgage can help you understand closing costs. Call us: (541) 683-3300.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question