How do Closing Costs Work?

There are certain standard costs associated with closing the sale of a house. Buyers and sellers almost always share these costs, as specified in the real estate sales contract.

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 mortgage-related closing costs in your "Loan Estimate".

Loan Estimate (LE)

Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. This cost estimate is based on our past experience. It's important to note that while our LEs are very precise, we cannot always predict closing costs to the penny. We review LEs with buyers every day, so we'd be glad to answer the you have about closing costs.

Below you'll find a generic list of closing costs. We will always provide a specific list of your closing costs when we give you a Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Points — These are costs you pay up-front to lower your interest rate (optional)
  • Appraisal Fee
  • Getting Your Credit Report
  • Interest Payment
  • Escrow Fees
  • Taxes
  • Loan-related costs
Property Taxes
  • Recording Fees and Transfer Taxes
  • Insurance
Homeowners Insurance
  • Title Insurance
  • Flood / 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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