What are Closing Costs?
All residential real estate transactions involves certain fixed costs. Buyers and sellers customarily share these costs, as specified in the sales contract.
As indicated below, many of the buyer's closing costs cover the costs of getting the loan. Since Great Florida Lending, Inc is highly experienced with mortgages and closings, we are closing cost experts.
Loan Estimates (LEs)
Buyers will get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing costs enumerated in the LE are estimated based on Great Florida Lending, Inc's experience with mortgage loans, but costs often change by small amounts between delivery of the LE and closing. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that can change slightly at the closing table.
We've provided a general list of these costs below, but we'll give you a specific list of closing costs, with amounts, soon after you complete your application. At Great Florida Lending, Inc, 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
- Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
- Appraisal Fee
- Credit Report
- Up-front Interest Payment
- Escrow Account
- Transfer Taxes and Recording Fees
- Title Insurance
- Flood / Earthquake Insurance
- Private Mortgage Insurance (PMI)
Great Florida Lending, Inc can help you understand closing costs. Give us a call: 7862626486.