What are Closing Costs?

"Closing Costs" are the fees that pay for the various services involved when you sell or buy a house. Buyers & sellers negotiate these costs.

As you'll see below, many of the buyer's costs cover the costs of getting the loan. At Ward Kilduff Mortgage, we have extensive experience 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. We base this cost estimate on our extensive past experience. Please note that while our GFEs are very precise, we can't always predict your closing costs to the penny. We will be glad to review the "Good Faith Estimate," answering questions and pointing out costs that can vary a little bit at the closing table.

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

Standard Closing Costs

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

Ward Kilduff Mortgage can help you understand closing costs. Call us at (860) 658-7100.

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