What are Closing Costs?

Certain standard costs are related to closing the sale of a home. Buyers and sellers customarily split these costs, as the sales contract specifies.

As indicated below, many of the buyer's closing costs cover the costs of originating the loan. Since Ward Kilduff Mortgage is highly experienced with closings & mortgages, we often explain the details of closing costs.

The Loan Estimate (LE)

Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this cost estimate on our many years of past experience. Please note that while our LEs are very precise, we cannot always predict closing costs to the penny. We go over LEs with buyers almost every day, so we are happy to answer any questions you have about closing costs.

Below is a general list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we provide your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
  • Appraisal Costs
  • Credit Report
  • Up-front Interest Payment
  • Escrow Account
  • Taxes
  • Costs associated with "originating" your loan
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood or Quake Insurance
  • Private Mortgage Insurance (PMI)

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

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