About Closing Costs
"Closing Costs" are the fees that cover the various services involved when you sell or buy a home. Sellers and buyers almost always negotiate to determine who will pay different portions of these costs.
As you'll see below, many of the closing costs result from getting your loan. Since Ward Kilduff Mortgage is highly experienced with mortgages & closings, we can help you understand your closing costs.
Loan Estimate (LE)
Very shortly after you submit your application, we'll give you a "Loan Estimate" of your costs. We base this closing cost estimate on our extensive past experience. Please note that while our LEs are very accurate, we cannot always predict closing costs to the penny. We go over Loan Estimates with buyers almost every day, so we are happy to answer your questions about closing costs.
Below you'll find a fairly generic list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
- Escrow Account
- Various Taxes
- Loan-related costs
- Points — lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
- Up-front Interest Payment
- Recording Fees and Transfer Taxes
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
Ward Kilduff Mortgage can answer questions about these closing costs. Give us a call at (860) 658-7100.
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