How do Closing Costs Work?

"Closing Costs" are the fees which cover the various services involved when you sell or buy a house. Buyers and sellers almost always negotiate these closing costs.

As indicated below, many of the closing costs result from getting your loan. At Ward Kilduff Mortgage, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your "Loan Estimate".

Loan Estimates (LEs)

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 extensive past experience. It's important to note that while our LEs are very accurate, we cannot always predict costs to the penny. We review LEs with buyers every day, so we'd be glad to answer any questions you have about closing costs.

We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, soon after you complete your 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

Loan-Related Costs
  • Interest Payment
  • Escrow Fees
  • Various Taxes
  • Loan-related costs
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Fee
  • Pulling YourCredit Report
Property Taxes
  • Insurance
  • Recording Fees & Transfer Taxes
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood or Earthquake Insurance

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

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