Your Closing Costs
"Closing Costs" are the fees that pay for the various services involved in the sale of a home. Sellers and buyers negotiate the payment of these costs.
Many of the costs associated with buying a home are associated with getting a loan. At Great Florida Lending, Inc, 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 (Also known as the LE)
Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. The closing costs enumerated in the Loan Estimate are estimated based on Great Florida Lending, Inc's experience with mortgage loans, but costs usually change by small amounts between delivery of the LE and closing. We will be glad to review the "Loan Estimate," answering questions and highlighting costs that can change slightly at the closing table.
We've provided a general list of closing costs below, but we'll give you a specific list of closing costs, with amounts, soon after you have completed your application. At Great Florida Lending, Inc, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs
- Costs related to "originating" your loan
- Points — These are costs you pay up-front to lower your interest rate (optional)
- Appraisal Costs
- Credit Report
- Interest Payment
- Escrow Fees
- Recording Fees & Transfer Taxes
- Title Insurance
- Flood or Earthquake Insurance
- Private Mortgage Insurance (PMI)
At Great Florida Lending, Inc, we answer questions about closing costs every day. Call us at (786) 262-6486.