What are Closing Costs?
"Closing Costs" are the fees that cover the various services involved in the sale of residential real estate. Sellers & buyers usually negotiate to determine who will pay different portions of these costs.
As you'll see below, many of the buyer's costs cover the costs of originating the loan. Since Boardwalk Mortgage is highly experienced with closings and mortgages, we are closing cost experts.
Loan Estimate (Also known as the LE)
Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs specified in the Loan Estimate are estimated based on Boardwalk Mortgage's experience with mortgage loans, but costs often change by small amounts between the LE and closing. We review Loan Estimates with buyers almost every day, so we are happy to answer your questions about closing costs.
We've provided a general list of these costs below, but we will provide you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At Boardwalk Mortgage, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.
Standard Closing Costs
Loan-Related Costs
- Up-front Interest Payment
- Escrow Fees
- Various Taxes
- Loan Origination Fee
- Points — A fee paid to lower your mortgage interest rate (optional)
- Appraisal Costs
- Credit Report
Property Taxes
- Insurance
- Transfer Taxes and Recording Fees
Homeowners Insurance
- Flood or Quake Insurance if applicable
- Private Mortgage Insurance (PMI)
- Title Insurance
Boardwalk Mortgage can answer questions about these closing costs. Call us at 1-800-606-2794.