About Closing Costs
Certain standard costs are associated with closing the sale of a house. Buyers and sellers customarily share these closing costs, as specified in the real estate sales contract.
As indicated below, many of the buyer's costs cover the costs of originating the mortgage loan. At Ward Kilduff Mortgage, we have extensive experience in mortgage lending, so we can compile a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".
The Loan Estimate (Also known as the LE)
Very soon after you apply for a loan, we'll give you the "Loan Estimate" of your closing costs. The cost estimate is based on our past experience. Please note that while our LEs are very accurate, we can't always estimate costs to the penny. We will be glad to review the "Loan Estimate," answering 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, 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 will be sure to let you know immediately.
Standard Closing Costs
- Escrow Account
- Various Taxes
- Loan-related costs
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood or Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
Ward Kilduff Mortgage can answer questions about these closing costs. Call us at (860) 658-7100.
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