What are Closing Costs?

"Closing Costs" are the fees which pay for the various services involved when you sell or buy a house. Buyers & sellers usually negotiate the payment of these costs.

As indicated below, many of the closing costs result from getting your mortgage. At Ward Kilduff Mortgage, we are highly experienced in mortgage lending, so we can provide you with a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".

Loan Estimate (Also known as the LE)

Buyers will receive a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the LE are estimated based on Ward Kilduff Mortgage's experience with mortgage loans, but costs often change a little bit between delivery of the Loan Estimate (LE) and closing. We field buyers' questions about closing costs every day at Ward Kilduff Mortgage, so please feel free to ask if you have questions.

We've provided a general list of closing costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you complete your 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

Loan-Related Costs
  • Taxes
  • Costs related to "originating" your loan
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Costs
  • Credit Report
  • Interest Payment
  • Escrow Account
Property Taxes
  • Recording Fees and Transfer Taxes
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood / Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)

Ward Kilduff Mortgage can answer questions about these closing costs. Give us a call at (860) 658-7100.

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