Closing Costs for Home Real Estate Transactions
All residential real estate sales involves costs. Sellers and buyers customarily split these closing costs, as specified in the real estate sales contract.
Many of the costs associated with buying a home are associated with getting the loan. At Ward Kilduff Mortgage, we have extensive experience in mortgage lending, so we can compile a comprehensive list of mortgage-related closing costs in your "Loan Estimate".
Loan Estimates (LEs)
Very soon after you submit your application, we'll provide you with a "Loan Estimate" of your costs. The closing costs enumerated in the Loan Estimate are estimated based on Ward Kilduff Mortgage's experience with mortgage loans, but costs often vary a little bit between the LE and closing. We answer buyers' questions about these 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'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 will be sure to let you know immediately.
Standard Closing Costs
- Interest Payment
- Escrow Fees
- Various Taxes
- Loan Origination Fee
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Fee
- Pulling YourCredit Report
- Recording Fees and Transfer Taxes
- Flood or Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
Ward Kilduff Mortgage can help you understand closing costs. Call us: (860) 658-7100.
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