How do Closing Costs Work?

"Closing Costs" are the fees which pay for the various services involved in the sale of residential real estate. Buyers & sellers almost always negotiate the payment of these closing costs.

Many of the costs associated with buying residential real estate are associated with getting the mortgage. At Ward Kilduff Mortgage, we have extensive experience in mortgage lending, so we can compile a comprehensive report on costs related to your mortgage in your "Loan Estimate".

Loan Estimates (LEs)

Very shortly after you apply for a loan, we will give you a "Loan Estimate" of your closing costs. The closing costs enumerated in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often vary a little bit between the LE and closing. We field questions about closing costs every day at Ward Kilduff Mortgage, so please feel free to ask if you have questions.

We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you complete your loan 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
  • Escrow Account
  • Taxes
  • Loan-related costs
  • Points — lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Obtaining Your Credit Report
  • Up-front Interest Payment
Property Taxes
  • Insurance
  • Recording Fees & Transfer Taxes
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Quake Insurance if applicable

At Ward Kilduff Mortgage, we answer questions about closing costs every day. Give us a call: (860) 658-7100.

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