About Closing Costs

Certain standard costs are associated with closing the sale of a house. Buyers customarily incur these closing costs, as the sales contract specifies, however, depending on State law the seller may have to split a portion of the closing costs. "Closing Costs" are the fees that pay for the various services involved in the sale of residential real estate. These fees are either paid directly or indirectly by increasing the loan amount or charging a higher interest rate.

As the list below indicates, many of the costs result from getting your loan. At Boardwalk Financial, we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your estimate.

The Loan Estimate

Buyers will receive a Loan Estimate within three days from when the loan application is submitted to the lender. The Loan Estimate lays out information like insurance and taxes, closing costs, monthly payments and more. This estimate is not an approval, rather it's the first step toward getting your loan.

We go over estimates with buyers almost 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 an estimate.

Standard Closing Costs

• Escrow Account
• Loan Origination Fee
• Points — A fee paid to lower your interest rate (optional)
• Appraisal Fee
• Credit Report
• Interest Payment

• Recording Fees & Transfer Taxes
• Insurance

• Flood or Earthquake Insurance
• Private Mortgage Insurance (PMI)
• Title Insurance