How do Closing Costs Work?

"Closing Costs" are the fees which cover the various services involved in the sale of a house. Sellers & buyers almost always negotiate these costs.

As you'll see below, many of the buyer's costs are related to the costs of originating the loan. Since Boardwalk Mortgage has extensive experience with mortgages and closings, we are closing cost experts.

Loan Estimates (LEs)

Very shortly after you submit your application, we'll provide you with the "Loan Estimate" of your closing costs. This cost estimate is based on the loan officer's past experience. Please note that while our LEs are very accurate, we can't always predict your closing costs to the penny. We explain Loan Estimates with buyers almost every day, so we'd be glad to answer your questions about closing costs.

Below you'll find a general list of costs for buying residential real estate. We will provide you with a specific list of your closing costs when we provide your Loan Estimate.

Standard Closing Costs

Loan-Related Costs

• Appraisal Costs
• Credit Report
• Up-front Interest Payment
• Escrow Fees
• Various Taxes
• Costs related to "originating" your loan
• Points — A fee paid to lower your mortgage interest rate (optional)

Property Taxes

• Transfer Taxes & Recording Fees
• Insurance

Homeowners Insurance

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

Boardwalk Mortgage can help you understand closing costs. Call us at 1-800-606-2794.