Closing Costs for Residential Real Estate Transactions

There are certain standard costs related to closing the sale of a home. Buyers and sellers customarily split these costs, as the real estate sales contract specifies.

Many of the closing costs associated with buying residential real estate are associated with getting a loan. Since Boardwalk Mortgage has extensive experience with closings & mortgages, we can help you understand your closing costs.

The Loan Estimate (LE)

Soon after you apply for a loan, we will provide you with a "Loan Estimate" of your costs. The closing costs enumerated in the Loan Estimate are estimated based on Boardwalk Mortgage's experience with mortgage loans, but costs usually vary by small amounts between the LE and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that sometimes vary a little bit at closing.

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

Standard Closing Costs

Loan-Related Costs

• Pulling YourCredit Report
• Up-front Interest Payment
• Escrow Account
• Various Taxes
• Loan-related costs
• Points — A fee paid to lower your mortgage interest rate (optional)
• Appraisal Costs

Property Taxes

• Insurance
• Recording Fees and Transfer Taxes

Homeowners Insurance

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

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