What are Closing Costs?

Every home sale incurs fixed costs. Sellers and buyers customarily share these costs, as specified in the real estate sales contract.

As you'll see below, many of the costs result from getting your mortgage loan. Since Utah Funding is highly experienced with mortgages & closings, we often explain the details of closing costs.

The Good Faith Estimate (GFE)

Soon after you apply for a loan, we will provide you with the "Good Faith Estimate" of your costs. The cost estimate is based on our past experience. It's important to note that while our GFEs are very accurate, we can't always estimate costs to the penny. We will be glad to review the "Good Faith Estimate," answering your questions and pointing out costs that sometimes vary a little bit at closing.

We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, soon after you have completed your application. At Utah Funding, 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
  • Appraisal Fee
  • Credit Report
  • Interest Payment
  • Escrow Fees
  • Taxes
  • Loan Origination Fee
  • Points — A fee paid to lower your interest rate (optional)
Property Taxes
  • Insurance
  • Recording Fees and Transfer Taxes
Homeowners Insurance
  • Flood / Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

At Utah Funding, we answer questions about closing costs every day. Call us: (949) 486-3777.