What are Closing Costs?

"Closing Costs" are the fees that pay for the various services involved in the sale of a home. Sellers and buyers negotiate to determine who will pay different portions of these closing costs.

Many of the costs associated with buying a home are associated with getting a mortgage. At Boardwalk Mortgage, we have extensive experience in residential mortgage lending, so we can compile a comprehensive list of costs related to your mortgage in your "Loan Estimate".

Loan Estimate (LE)

Very shortly after you submit your application, we'll give you a "Loan Estimate" of your costs. We base this closing cost estimate on our many years of past experience. Please note that while our LEs are very accurate, we cannot always predict your costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes change slightly at closing.

Below is a generic list of costs for buying a home. We will always provide you with a specific list of your closing costs when we deliver your Loan Estimate.

Standard Closing Costs

Loan-Related Costs

• Obtaining YourCredit Report
• Interest Payment
• Escrow Account
• Various Taxes
• Costs related to "originating" your loan
• Points — A fee paid to lower your mortgage interest rate (optional)
• Appraisal Costs

Property Taxes

• Insurance
• Recording Fees & Transfer Taxes

Homeowners Insurance

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

At Boardwalk Mortgage, we answer questions about closing costs every day. Give us a call at 1-800-606-2794.