What are Closing Costs?
"Closing Costs" are the fees which pay for various services involved in the sale of a house. Buyers & sellers negotiate these costs.
As you'll see below, many of the buyer's closing costs cover the costs of getting the mortgage loan. At Ward Kilduff Mortgage, we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on closing costs related to your mortgage in your "Loan Estimate".
The Loan Estimate (LE)
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the LE are estimated based on Ward Kilduff Mortgage's experience with mortgage loans, but costs usually change a little bit between the Loan Estimate (LE) and closing. We field questions about these costs every day at Ward Kilduff Mortgage, so please be sure 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, very soon after you have completed your loan application. At Ward Kilduff Mortgage, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
- Various Taxes
- Costs related to "originating" your loan
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
Ward Kilduff Mortgage can answer questions about these closing costs. Give us a call: (860) 658-7100.
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