Don't Forget Closing Costs
Every home sale involves certain fixed costs. Sellers and buyers customarily split these closing costs, as the sales contract specifies.
As you'll see below, many of the buyer's closing costs cover the costs of getting the mortgage loan. At Ward Kilduff Mortgage, we have extensive experience in residential mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Loan Estimate".
Loan Estimate (Also known as the LE)
Very soon after you submit your application, we will give you a "Loan Estimate" of your closing costs. The cost estimate comes out of our past experience. It's important to note that while our LEs are very accurate, we cannot always estimate closing costs to the penny. We go over LEs with buyers every day, so we'd be glad to answer any questions you have about closing costs.
Below you'll find a fairly generic list of costs for buying residential real estate. We will provide a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Loan Origination Fee
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Costs
- Recording Fees and Transfer Taxes
- Title Insurance
- Flood or Earthquake Insurance if applicable
- Private Mortgage Insurance (PMI)
Ward Kilduff Mortgage can help you understand closing costs. Call us at (860) 658-7100.
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