How do Closing Costs Work?

"Closing Costs" are the fees that cover the various services involved when you sell or buy a home. Buyers and sellers almost always negotiate the payment of these costs.

Many of the closing costs associated with buying a house are associated with getting a mortgage. Since Boardwalk Mortgage is highly experienced with closings & mortgages, we often explain the details of closing costs.

Loan Estimates (LEs)

Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this cost estimate on our extensive past experience. Please note that while our LEs are very accurate, we cannot always predict closing costs to the penny. We review Loan Estimates with buyers every day, so we'd be glad to answer your questions about closing costs.

Below you'll find a fairly generic list of closing costs. We will always provide a specific list of your closing costs when we provide your Loan Estimate.

Standard Closing Costs

Loan-Related Costs

• Various Taxes
• Loan Origination Fee
• Points — These are costs you pay up-front to lower your interest rate (optional)
• Appraisal Costs
• Credit Report
• Up-front Interest Payment
• Escrow Fees

Property Taxes

• Transfer Taxes and Recording Fees
• Insurance

Homeowners Insurance

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

Boardwalk Mortgage can answer questions about these closing costs. Give us a call: 1-800-606-2794.